The Upscale 204-Unit, Garden-Style Development Is Part of a Larger, Master-Planned Community Featuring Retail, Residential, and Hotel Uses
The NRP Group, a vertically-integrated, best-in-class developer, builder, and manager of multifamily housing today announced that it has broken ground on The Rockwell, an upscale multifamily apartment community in Berlin, Massachusetts.
Located just 35 miles west of Boston at 65 River Road West, the 204-unit garden-style property is The NRP Group’s first full development foray in Massachusetts and will be part of a mixed-use master-planned community called Riverbridge Village being developed by Riverbridge North LLC.
“We are thrilled to announce our first NRP-developed community in the Massachusetts market, specifically the Greater Boston metropolitan area,” said J. David Heller, Co-Founder and Chief Executive Officer at The NRP Group. “The NRP Group’s strategy is to develop in sub-markets characterized by strong economic growth and robust job creation. This stunning and creative project fulfills our mission: to create exceptional rental opportunities for individuals and families, regardless of income.”
At full build-out, the entire Riverbridge community will consist of 26 acres, leaving 88 acres of undeveloped conservation land surrounding the development. Walking trails as well as a kayak and canoe launch on the North Brook will be located adjacent to the property. The Rockwell will be comprised of seven residential buildings and will feature an extensive amenity package, including a clubhouse with an in-ground pool and a gear garage with recreational equipment for residents to use.
Ten percent of the property’s units will be designated as affordable at varying income levels. The NRP Group will conduct an affordable housing lottery prior to the start of leasing.
“We are delighted to contribute to the continued development of this mixed-use village with the addition of The Rockwell,” said Carolyn Mendel, Vice President of Development at The NRP Group. “Riverbridge North and the town of Berlin have worked closely with NRP to ensure that a vibrant community will take shape, and we look forward to welcoming our first residents in the near future.”
The community is a short drive from Interstates 495 and 290, allowing for a quick commute to and from employment centers west of Boston as well as the city itself. The larger, mixed-use Riverbridge development includes a Homewood Suites by Hilton hotel, a Growing Room daycare center, a wine and coffee shop, and a gas station. Future phases are anticipated to include up to 40,000 square feet of additional retail. Other convenient retail and entertainment options include the Solomon Pond Mall, adjacent to the property in neighboring Marlborough, the Apex Center, also in Marlborough, and the Shops at Highland Commons in Hudson.
The NRP Group is developing The Rockwell with two new partners, HQ Capital as equity provider and M&T Bank as lender.
“We are excited to be partnering with The NRP Group on The Rockwell,” said David J. Ladori, Group Manager and Vice President of M&T Bank. “We’ve been familiar with the work of The NRP Group for quite some time and this is our first time working together. The Rockwell is a great project to kick off this partnership.”
About HQ Capital
HQ Capital Real Estate is a member of HQ Capital, a leading independent manager of alternative assets investing on behalf of institutions and family offices in global private equity and U.S. real estate since 1989. As of September 30, 2018, HQ Capital’s more than 150 employees manage $11.5 billion in total assets from 10 offices across North America, Europe and Asia. HQ Capital Real Estate manages over $4 billion in real estate assets across the U.S., representing approximately 9,000 apartment units and 12 million square feet of commercial space. With its innovative and entrepreneurial culture, strong investment acumen, and commitment to social responsibility, HQ Capital is a trusted partner to its clients worldwide. Further information can be found at www.hqcapital.com.
About M&T Bank
M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T’s principal banking subsidiary, M&T Bank, operates banking offices in New York, Massachusetts, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T’s Wilmington Trust-affiliated companies and by M&T Bank.
