There’s no denying the massive growth in the Cambridge area.
According to the Cambridge Property Association, the average house price in the area has risen from $1.8 million to $3.1 million since 2008.
And now, the new owners of Cambridge’s oldest apartment complex are hoping to turn it into a destination for renters.
Cambridge Properties announced the creation of Cambridge Village Apartments in a press release Tuesday, saying that it would offer “luxury apartments with a contemporary flair” to those who want to enjoy a lifestyle that’s “the perfect mix of modern amenities, art and nature.”
In addition to the new apartments, the group plans to bring back the iconic Cambridge River Walk as a major tourist attraction.
Cambridgeshire’s largest and oldest apartment building will be the first to be converted into a “mixed use” apartment development.
The complex’s new owners, Cambridge Properties, say they will add a “sustainable mix of amenities” to the area.
The new units will be priced between $1,300 and $1 and a $3,000-per-month rent for residents who live in Cambridge Village, as well as $1 per month rent for guests who live elsewhere.
The new apartments will be located in a “semi-private” and “private” style building, with a combined size of 11,200 square feet, according to Cambridge Properties.
Camford Village Apartings has had its fair share of controversy, with the building originally being built in 1929, and later converted into an apartment complex.
But the city has recently come out in support of the property, saying it has “strong environmental benefits” and is a “great example of community housing.”
Cambridge Village Apartements is one of several Cambridge properties that are looking to attract more residents to the region.
In addition, a new condominium project is also set to open on the River Walk.
