acquisition strategy
Over the past few years, HRI has been successful in capitalizing on the opportunities it has had by devising and implementing creative financial strategies, which optimize the resources that are available to it. Given Cambridge's desireable location, it is becoming more and more difficult to identify potential projects. The key challenge now is in identifying the most cost effective development opportunities. Given that most existing market rate residential properties are beyond financial feasibility, HRI will focus its research in these four categories:
- Expiring Use properties
- Buildings appropriate for adaptive reuse
- Unregulated properties inhabited by low-income families
- Opportunity areas that have been rezoned by the City of Cambridge.
HRI feels that there will be greater opportunities in these areas because they tend to be difficult projects and are less likely to garner interest from market rate developers. Expiring Use properties are a prime example. They are layered with volumes of regulations and restrictions, occupied by low-income households, and for those not accustomed to subsidized housing, this can be daunting.
If you are a property owner looking to sell or know of a property on the market that falls into any of the above four categories, please contact Bob Costa at (617) 868-4858 x 208.