RIVERFRONT DEVELOPMENT OPPORTUNITY
About This Property
Marketing description
DEVELOPMENT OVERVIEW
Planned Multifamily Expansion
• Two (2) Multi-Family buildings
• Total Planned Units: 156 apartments
Existing Community Context
• Part of larger 26+ acre Arden Mills redevelopment
• Existing Phase I condominium community completed with 204 residential units
Site Characteristics
• ±14.96 Acres
• River frontage and wooded setting
• Direct access from established community roadway system
• Existing utility and infrastructure framework nearby
MARKET FUNDAMENTALS
The Fitchburg / Leominster market continues to
experience:
• Strong demand for rental housing
• Limited affordability for homeownership
• Constrained housing inventory
• Continued workforce housing need
These conditions support long-term rental demand and absorption potential.
Why This Opportunity Stands Out
• Prior entitlement and development groundwork completed
• Significant upside between land basis and stabilized value
• Potential flexibility for:
1.Sale
2.Joint Venture
3.Recapitalization
4.Phased Development
Ideal Buyer Profile
• Multifamily developers
• Value-add / opportunistic investors
• Senior living operators
• Groups seeking partially entitled development opportunities
Investment highlights
Why Multifamily Works Here
✓ Growing population with strong renter age demographics
✓ Median household income projected to exceed $82,000 by 2029
✓ Over 40% of residents fall within prime apartment-renter age groups
✓ Housing supply remains constrained throughout North Central Massachusetts
✓ Strong regional employment base and commuter accessibility
✓ High traffic counts and convenient access to major routes
✓ Unique riverfront setting with natural waterfall amenity
✓ Opportunity to create a destination-quality residential community unlike any other offering in the region
✓ Potential future condominium conversion strategy creating additional value beyond traditional multifamily development
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