$9.5m deal for 32 low-income units

Peabody Properties Inc. has announced that it will assume management of the Capitol Square Apartments, on Mass. Ave., a block from the Capitol Theater, effective immediately.

The property, which consists of 32 apartments in three structures built circa 1912, have been managed by the Housing Corporation of Arlington (HCA), the owner and developer of the property.

Asked how many of the units are considered lower income, Karen Fish-Will, a represebntative for Peabody, wrote Jan. 23 that all 32 will be reserved for low-income individuals and families. "This means everyone living at Capitol Square will have an income at or below 60% of the Area Median Income," she wrote.

Asked how much Peabody expects to spend, she wrote: "The total development cost for the purchase and renovation of Capitol Square Apartments is just over $9.5 million. This includes the purchase of the buildings, the renovation of the buildings, the cost of relocating the residents as well as all other legal and financing costs."

Restoration plans are underway, Peabody said in a news release Jan. 20. The full-service, Braintree-based real estate company will oversee and manage this major renovation project and is committed to ensuring that the classic design and historic detail of the buildings remain intact.

As part of the planned renovation, new heating, plumbing and windows will improve the energy efficiency of the property, all apartment units will be upgraded and exterior restorations will maintain the integrity and character of the original building design.

HCA said Peabody Properties was chosen based on the firm’s demonstrated expertise in providing full-service management to multilayered affordable housing communities, in particular those which have undergone substantial rehabilitation, temporary relocation and reoccupancy. The units will be preserved for lower-income families in Arlington.

Kelly Hunt, director of real estate for HCA, believes that the relationship between the housing corporation and Peabody will benefit the residents and the project.

"To date, our experience with the Peabody team has been extremely positive," she said in Peabody's news release. "It is clear to me that the company has earned its reputation for professionalism and service."

While Peabody Properties provides comprehensive quality management services to over 10,000 units of residential housing in both inner-city and suburban areas throughout New England, this project will be the company’s first property in Arlington.

"We look forward to working with and in the Arlington community," said Peabody Properties Vice President, Karen Fish-Will. "We are very excited about the partnership and look forward to a productive collaboration."

About Peabody Properties:

Peabody Properties manages in excess of 14,000 units of housing — primarily in New England, and is a full-service real-estate firm. Divisional offices are in Florida and Georgia. An award-winning privately held corporation, Peabody Properties was incorporated in 1976 and, is currently under the direction of Karen Fish-Will and Melissa Fish-Crane along with Catherine Hult and Doreen Bushashia.

In 1995, Peabody Properties recognized its long-term commitment to Resident Services as a unique area of expertise within the field of property management and established a new and separate entity.

Peabody Resident Services, Inc. is dedicated solely to the development of support services and programs for residents of affordable housing. Peabody Properties is designated as a Woman Business Enterprise (WBE) and is certified by the Massachusetts State Office of Minority and Women Business Assistance (SOMWBA). For more information please visit www.peabodyproperties.com.

This story was first published Friday, Jan. 21, and updated Jan. 23 and 27.