Development
Newbury Living has successfully developed more than 60 multifamily housing projects, with expertise in acquisitions, rehabilitations, new construction, and community redevelopment. Our team has completed complex renovation and repositioning projects in both affordable and conventional housing while helping partners secure funding for critical redevelopment needs.
In addition to developing our own communities, we work alongside nonprofit and private-sector partners to bring housing opportunities to life through strategic planning, historic rehabilitation expertise, and experienced property management support.
To learn more about development partnership opportunities, please contact Cole Taggart at ctaggart@newburyliving.com.
Success Stories
The James on Grand
Conventional Development
Des Moines, Iowa
The James on Grand is 56 units in Des Moines' desirable Ingersoll & Grand "The Avenues" neighborhood.
The heavily amenitized building boasts units over 2100 Square Feet. Completed in 2023, this luxury building was 50% pre-leased at opening and fully occupied in just over a year.
Our residents have enjoyed an extensive programming schedule that includes grab-and-go breakfasts weekly, watch parties, book clubs, group fitness, outdoor courtyard concerts, and all manner of informal gatherings in our beautiful bar area.
New Horizons
LIHTC Acquisition/Rehab
Davenport, Iowa
Our client acquired a portfolio of 45 duplexes, single family homes, and apartments scattered through Davenport.
Newbury shepherded the intensely complicated LIHTC application process, and tax credits were awarded in 2023, and renovations will be completed in September 2024.
Over half of credits have been delivered, and only 2 units are left to be pre-leased. We anticipate the property to be stabilized in October 2024.
The Bridges Lofts
Conventional Development
Davenport, Iowa
Newbury was able to acquire a riverside parcel housing a nuisance motel and redevelop the parcel into a desirable, 133-unit, class A property, helping spearhead the redevelopment of the I-74 bridge landing area.
The property has been a resounding success since it opened, with stabilization within 6 months. The Bridges has enjoyed extremely strong occupancy and revenue growth since.
The Bridges was also Newbury's first fully paperless site, with all digital tenant files, payments, and service requests. It has been a giant step forward towards our modernization and efficiency goals.
Ingersoll Square Phase 3
Complicated Development
Des Moines, Iowa
4000 Ingersoll
Conventional Development
Des Moines, Iowa
In cooperation with the Plymouth Congregational Church, Newbury endeavored to develop a high-end apartment building while conserving several historic homes at the corner of 40th and Ingersoll.
4000 Ingersoll, a boutique 25-unit luxury building opened in 2019 on historic Ingersoll Avenue. This aspirational design set out to prove a market for large, luxury units with the flexibility of renting.
After 5 years in operation, the building benefits from maintained high demand and rare availability. Amenities include a well-supplied gym, free on-floor storage units, and a stunning rooftop patio.
Corinthian Gardens
Acquisition/Rehab
Des Moines, Iowa
75 units that serve those 62+ and those with mobility impairments. Newbury guided our existing client through the LIHTC application process in order to allow for extensive renovations of the nearly 40 year old building. Renovations included expanding several studios into 1 bedrooms, replacement of all HVAC and plumbing, the expansion of community areas and the addition of storage units and covered parking.
Tax Credits were awarded in 2016 and construction was completed in 2018. Residents occupied the building throughout the renovation. As to not displace them, each resident was relocated at least once, some twice, with minimal disruption. This was largely facilitated by our property staff and regional leadership team.
The Brenton
Historic Repositioning
Davenport, Iowa
The Brenton First National Bank was opened in 1967, and was packed with mid-century modern design and technology. It had been repurposed several times through the years, and in 2018 was awarded HOME funds to be historically renovated into apartments and commercial space.
The Brenton Lofts opened in 2020 and leased up quickly, thanks to our staff's adaptability, innovative thinking, and enthusiasm during an extremely challenging leasing time.
The building is now home to 38 households, plus it serves as home base for our regional office and several property managers.
Phase 3 of the Ingersoll Square development was opened in 2015, completing the redevelopment of a formerly derelict block at the corner of MLK and Ingersoll in Des Moines.
There are 47 units, with 3 of those affordable, plus the entire first floor is commercial space housing a Veridian Credit union branch.
The lease-up and stabilization happened very quickly due to the desirability of the location and stunning look of the units.
When phase 3 was sold, the investors enjoyed an impressive return on their investment.