Property is Company's Third Investment in Boston-area Market; Company Seeks Further Investments
BOSTON - July 27, 2006 - Criterion Property Company, L.P., today announced the company’s plans to develop Windsor Woods at Canton, a 159-unit luxury garden apartment community located on Turnpike Street in Canton, Mass. Canton is a highly regarded community with top-rated schools and offers convenient access to employment centers along Interstate Routes 128 and 93 as well as to downtown Boston via the MBTA Commuter Rail.
Windsor Woods will offer modern luxury amenities including a full-service 3,000-square-foot community center complete with a swimming pool, fitness facility, teaching kitchen and club room. Windsor Woods also neighbors 180 acres of conservation woodlands containing recreational facilities and hiking trails. Unit amenities include lofts, fireplaces, nine-foot ceilings, open floor plans with bar top seating, fully-applianced designer kitchens, and full-size washers and dryers.
This transaction is Criterion’s fourth since the company’s formation in September 2004. Criterion’s first project, Winchester Gardens, is a 96-unit converted condominium community located eight miles northeast of Boston in the town of Winchester. Criterion’s second project, Windsor Green at Andover, is a 192-unit luxury apartment development that is currently approaching completion of construction. Criterion has also commenced construction of Windsor at Bee Caves Village, a 293-unit luxury garden apartment community located on Highway 71 in the Village of Bee Caves, Texas.
"We are pleased to expand our presence in the Boston market with this transaction, and we are actively seeking additional investments here and in other markets," said Criterion President and Principal, Pretlow Riddick.
Debt financing for the project was provided by Key Bank Real Estate of Dallas, with a permanent loan takeout commitment from the Massachusetts Housing Partnership (MHP) of Boston.
Criterion's investment plans center in the cities and surrounding areas of Boston, Philadelphia, New York metro, Washington, D.C., Dallas, Atlanta, and Austin. In these areas, Criterion will seek to identify multifamily development opportunities in "smart growth" areas, which are mixed-use areas of residential, retail and office space already served by key infrastructure components such as mass transit systems.
About Criterion: Criterion Development Partners (www.criteriondp.com) is a real estate operating company specializing in the development, construction management, asset management and disposition of multifamily communities. Dedicated to conducting all business with the utmost honesty and integrity, Criterion's mission is to enhance and maximize the value of its assets for partners, lenders, investors, and employees. With offices in Dallas and Boston, Criterion is actively seeking multifamily investment opportunities in the Northeast, Southeast and Texas.
Criterion Development Partners, through a partnership with The General Investment & Development Companies (http://generalinvestment.com) (GID), also operates Criterion Property Company, L.P. Criterion Development Partners contributes to the partnership's expertise in development, construction management, asset management and disposition of assets. GID, a privately-held pension fund advisor based in Boston, serves as Criterion Property Company's primary investment and financial partner, with and on behalf of its pension fund clients.
C. Pharr & Company for Criterion
972-931-7576 Ext. 22 or Leah@PharrPR.com