Boston, May 5, 2017 – Colliers International’s Capital Markets and Multifamily Investment Sales teams announced today that they will bring to market a joint venture investment opportunity for a 13.3-acre, 200-unit apartment project within Redbrook, a 1,400-acre village under construction in Plymouth, MA. Already featuring the first four neighborhoods of single-family homes, a full service YMCA, Meeting House, and The Farmers Table restaurant, the fully permitted apartment community is slated for ground-breaking in Spring 2018. Redbrook’s 10-year master plan will introduce some 900 single family homes – 400 of which are already committed – and up to 90,000 square feet of "Mom and Pop" style retail, leaving the remaining 1,000 acres of the site for parks, playgrounds, community gardens, sports fields, nature trails, working cranberry bogs, and other open space.
Project sponsor is the 160-year-old, Wareham-based, A.D. Makepeace Company. They are the world’s largest cranberry grower, largest private property owner in eastern Massachusetts, and a recognized leader in environmentally responsible real estate development and stewardship. A.D. Makepeace Company exclusively retained Colliers International to arrange a joint venture equity partnership for the development of the project, to which they will contribute the land at fair market value and then retain the right to buy out the development partner post-stabilization. “Colliers’ resources and expertise make them a perfect match for this project,” said Michael P. Hogan, President and CEO of the A.D. Makepeace Company. "Redbrook's apartments are part of an award-winning master plan, and the right partner will join an innovative development team."
"We are excited to be involved in the Redbrook project,” shared senior vice president Jeff Black. “A.D. Makepeace has done an outstanding job with Redbrook and we look forward to assisting our client with identifying a dynamic development partner for this exciting project."
About Colliers International Group:
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIGI is an industry leading global real estate services company with more than 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.
For further information, please contact:Christine Comey Lewis
InkHouse for Colliers International, Boston