SUNDERLAND, MA— Dallas, TX-based Fountain Residential Partners, in a joint venture with HC2 Capital, announced the development of its first housing community in Massachusetts, North 116 Flats.
Located at 653 Amherst Road in Sunderland, MA, the property is located just north of the Town of Amherst and the UMass Campus, and will provide 150 units of housing, including 38 units of affordable housing, to the Pioneer Valley and Five College Consortium.
The housing community was approved and is being developed in conjunction with MassHousing and Chapter 40B. Chapter 40B is the Commonwealth’s regional planning law that promotes responsible housing growth by creating a streamlined permitting process for eligible projects that utilize subsidized financing and that meaningfully accommodate lower-income residents. North 116 Flats will provide 25% of its units to qualified households making up to 80% of the median income of the area.
The property was purchased from a local development consortium who had spent over a decade entitling the property. Berkshire County, MA -based Benchmark Development was integral in the finalization of the entitlement process for the project and is serving as Project Manager.
The 18-acre property will consist of 150 units of 1-bedroom, 2-bedroom, and 3-bedroom units and will include an expansive 8,000
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