Lynn, Massachusetts
CDT Partner
Wholly owned by CDT
Investment Description
CDT's first equity acquisition using a combination of cash and Operating Partnership (OP) units, Neptune Towers is a 334-unit high-rise in Lynn, Massachusetts. The two 12-story buildings offer a mix of one-, two-, and three-bedroom apartments. CDT closed on the property in February 2002, enabling several investors to defer their capital gains taxes through an exchange of partnership interests facilitated by OP units.
Transaction Highlights
Upon acquisition, CDT immediately initiated a $1 million renovation program. Supported by project-based Section 8 subsidies, rents have been restructured under HUD's Mark-Up-to-Market program to extend the affordability of the units through 2022. Retaining the former general partner as the property manager has ensured operational stability. Neptune Towers maintains nearly 100% occupancy.
the community development trust
