Over the past two years, The Ashforth Company has invested in multifamily housing with a focus on the Boston/Washington corridor by becoming an equity partner in seven development projects. Ashforth, along with several other private investors, has teamed up with CBD, LLC, a private investment firm based in NYC and New Canaan, with significant experience in the development of multifamily housing.
The Ashforth/CBD group has invested in four developments in Brooklyn, two of which are with The Hudson Company, a privately held real estate development company and a leading developer of new housing for all market segments in the New York metropolitan area. The first project is a 73-unit seven story development, located at 22 Caton Place, which is just south of Prospect Park in one of Brooklyn’s up-and-coming neighborhoods. The project is complete and in its leasing program. Ashforth/CBD’s second investment with Hudson is 626 Flatbush Avenue, a 254- unit 23-story residential and retail development located in the Prospect Lefferts Gardens neighborhood on the eastern side of Prospect Park. This project is expected to be completed at the end of the year. The other two investments in Brooklyn are with Jonathan Rose Associates at 189 Montague Street, an 18-story building with approximately 160 units, ground floor retail and parking below grade, located in Brooklyn Heights, and a 123-unit building to be built in the Downtown Brooklyn Cultural Center. Construction on both these projects started this summer.
The Ashforth/CBD group has also invested with Twining Properties in Watermark Court Square, a 160-unit, 24-story project in Long Island City, NY, which began construction, as well as with Highland Development in two smaller projects in the Cambridge/Somerville area outside Boston.
Ashforth and the CBD group of investors are continuing to pursue additional multifamily investment opportunities in their targeted investment area. John Harvey, Vice President of The Ashforth Company, is working with CBD, primarily in their NYC office, on all aspects of the multifamily investment program.
The program complements the multifamily construction expertise which A.P. Construction Company has gained on a number of projects. Currently A.P. Construction and joint venture partner, Associated Construction Company, are constructing the second phase of the Park Square West project located in downtown Stamford, CT for Trinity Financial. This $46 million, 15-story, luxury high rise, mixed-use development will have 209 residential apartments with approximately 6,800 square feet of ground floor retail space. The project also includes an $8.8 million extension of the existing Urban Redevelopment Commission (URC) garage, adding an 110,900-square-foot, six-level precast structure, housing 321 additional parking spaces. The expected completion date is the end of May, 2015. Other multifamily projects completed by A.P. Construction include Third Street Housing in Stamford, CT, Southport Green in Southport, CT and Sterling Market Lofts/Read’s Artspace in Bridgeport, CT.