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Boston & New England  + Apartments  |  August 27, 2020
David Cohen
By: David Cohen

Criterion Snags Three-Acre MF Development Site in Newton

Criterion Development Partners has acquired 15 Riverdale Ave., a 3-acre multifamily development site in Newton. The site has been approved for the development of 204 apartment units under the MA-40B program.

The development will consist of 20 studios, 87 one-bedroom units, 74 two-bedroom units and 23 three-bedroom units. Approximately 25% of the units are designated as affordable. The seller, Legacy Real Estate Ventures, acquired the property in 2012 in a sale-leaseback transaction from C&K Components.

“We purchased the property 8 years ago and it has been a great income producer, but its highest and best use has always been as a residential redevelopment,” said Michael Price, Principal at Legacy Real Estate. “We began discussing this possibility with Criterion Development Partners three years ago and they recently completed the permitting process which made this concept a reality.”

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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