Framingham, Massachusetts — [4/6/2023] — Kumo Capital, a leading real estate private equity firm, is thrilled to announce the acquisition of 40-76 Hollis Street, a prime property located in the heart of downtown Framingham. This strategic acquisition not only demonstrates Kumo Capital’s commitment to investing in thriving communities but also aligns with the city’s ongoing development initiatives.
Key Points
- Kumo Capital acquires 40-76 Hollis Street in downtown Framingham
- Property offers excellent access to amenities and transportation
- Acquisition aligns with city’s development initiatives
- Proactive stabilization planned to bolster rent roll and reduce expenses
- Downtown CB zoning and opportunity zone location allow for potential future redevelopment
- Multi-Family Zoning Requirement for MBTA Communities encourages further development in Framingham
The property boasts excellent access to local amenities and is situated within walking distance of several area schools, a short drive from the commercial center, and enjoys proximity to the MBTA Commuter Rail, MetroWest Medical Center, and Framingham State University’s main campus. The vibrant downtown area features a diverse mix of national retailers, local shops, and restaurants, as well as new high-end developments.
The City of Framingham is excited about the new ownership, as Kumo Capital and its in-house property management arm, Greenville Community Group, is known for its proactive approach to property management and development. With several commercial leases up for negotiation and residential rents below market value, Kumo Capital plans to focus on proactive stabilization to bolster the rent roll and reduce expenses.
The downtown CB zoning, which allows for six-story development, coupled with the property’s location in an opportunity zone, offers significant potential for future master redevelopment. The city’s recent emphasis on development initiatives is also supported by the Multi-Family Zoning Requirement for MBTA Communities passed in August 2022, further encouraging Framingham to engage with new development opportunities.
Kumo Capital’s acquisition of 40-76 Hollis Street is expected to contribute to the ongoing revitalization of downtown Framingham and enhance the area’s appeal, particularly due to its proximity to the MBTA Commuter Rail.
About Kumo Capital: Kumo Capital is a leading real estate private equity firm specializing in the acquisition, management, and development of commercial and residential properties. With a strong track record of identifying value-add opportunities and driving growth, Kumo Capital is dedicated to delivering exceptional returns for its investors while positively impacting the communities it invests in.
