New Bedford, MA
Standing 16 stories tall with commanding harbor views and located steps from the historic downtown district, The Regency is the most prominent building in downtown New Bedford. It was completed in 1988 as a luxury apartment complex. The property suffered from serious façade deterioration and water damage because no major capital investments had been made since its opening.
MassHousing foreclosed on the property in 2005 and in 2009 Trinity Financial was selected to acquire and redevelop the building. Trinity made a total capital investment of $32 million converting underutilized commercial space into new apartments, increasing the total number of units from 123 to 129. The unit mix includes 33 affordable units, 10 ”workforce” units and 86 market-rate units. The façade was replaced on floors 5-16, and additional repairs were made to floors 1-4, including new windows and patio doors. The building’s common areas and apartment interiors were renovated with new kitchens, bathrooms and HVAC systems. The building is now fully leased at rents above pro forma levels. This property commands the highest rents in the area and is arguably the best high-rise apartment property in the area.
For more information, visit www.theregencynb.com
Type: Mixed Income, Rental
Total Development Cost: $30 million