C
apstone Communities LLC, Hope Real Estate Enterprises, and MPZ Development LLC have acquired the Roseland and Frost Properties in partnership with the City of Cambridge Affordable Housing Trust. The approximately one-acre parcel, adjacent to their 100% affordable housing development Frost Terrace, will be designated for new affordable housing.

    This acquisition underscores the success of Frost Terrace, a 40-unit affordable housing development that has remained at 100% occupancy since its opening in 2021, with a wait list highlighting the demand for additional affordable housing in Cambridge. The developers will work closely with the City and local community to ensure a collaborative process, prioritizing robust community input and feedback.

    "We're excited to collaborate with the City of Cambridge to increase its supply of high-quality affordable housing," said Jason Korb, Principal of Capstone. "We'll engage in a thorough community process to ensure this project meets the needs of residents."

    The acquisition is seen as a long-term partnership between the developers, the City, and the local community. "This will help Cambridge expand its much-needed affordable housing inventory, allowing long-time families and individuals to afford to remain in the city," said Owen O'Riordan, Deputy City Manager.

    The City and development partners look forward to working with the community to shape how this acquisition will expand affordable housing. "Frost Terrace is a remarkable example of historic preservation combined with affordable housing, and we're excited to build on its success by creating more affordable homes for Cambridge families," said Chris Cotter, Director of the Housing Department.