The Cambridge Housing Authority has acquired two apartment buildings with 79 one- and two-bedroom apartments that will become affordable housing, the agency announced Thursday.
The six-story buildings, on a 17,658-square-foot lot between Harvard and Porter squares, are 1648 and 1654 Massachusetts Ave. – the latter of which includes the businesses Huron Cleaners and Marathon Sports, the running store.
This $40 million acquisition from Charlesgate Property Management was made possible with the support of the Cambridge Affordable Housing Trust, according to the press release. The 1920 buildings, considered in good condition overall by city assessors this year, were marketed widely for sale through a broker, said Margaret Moran, deputy executive director of development for the Cambridge Housing Authority.
The buildings “will be transitioned over time to deeply affordable housing for families,” the press release said, with the authority planning to “convert all 79 residential units to affordable homes serving low- and moderate-income households.”
The apartments will transition into affordable homes through unit turnover, Moran said.
“This acquisition transforms signature historic buildings in the heart of Cambridge into affordable homes for families. We need more affordable places in our community where families can settle, raise children, put down roots and stay long term,” said Clara Fraden, chief executive of the authority, in the press release.
Fraden said she looked forward to “working with current residents and neighbors” to add the buildings into CHA’s portfolio for people “who otherwise could not afford to live in Cambridge.” Chris Cotter, the city’s housing director, said the city and CHA were “committed to working closely with residents throughout this transition.”
Questions about the expense and approach to conversion were left by email Thursday with a spokesperson for the Housing Authority. A voicemail seeking information was left with Cotter.
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