Princeton Bradford Apartments
WINNER: Best Repositioning/Redevelopment of a Multifamily Community
Nominated by: Princeton Properties Management
Location: Lowell, Mass.
Developer: Princeton Properties
Architect: Market Square Architects
General Contractor: DG Contracting
Interior Designer: Princeton Properties
Photographer: Princeton Properties Management
Project Website: Princeton Bradford Apartments
Princeton Bradford (formerly Forest Acres Apartments), located in the Bradford neighborhood of Haverhill Mass., is a 50-acre garden-style, market-rate apartment community with 46 buildings and 410 units (80 one-bedroom units, 314 two-bedroom units and 16 three-bedroom units). The community was acquired by Belveron Partners in 2017. Since then, Princeton Properties Management Inc. has been working with Belveron to preserve and upgrade the quality of this workforce housing community. When Princeton Properties took over the asset management, the community was undervalued and in need of extensive repairs and upgrades. Built in 1973, this community was once the pinnacle of multifamily construction and amenities. The goal was to reposition this asset to compete within the growing demand within the submarket for affordable, quality multifamily housing. It became clear to Princeton Properties and Belveron Partners that a strategic capital improvement plan was the best means by which this property's long-term capital needs could be met while simultaneously ensuring its long-term affordability.