In May 2015, Arx Urban acquired 268 Washington Avenue, a generational apartment complex in Chelsea, MA. This property is made up of a 21,000 square foot, fully occupied apartment building and two adjacent parking lots with development potential. Located in Chelsea's Powderhorn Hill neighborhood with sweeping views of downtown Boston, the property is near the Silver Line and Commuter Rail.
After acquisition, the property underwent a full energy retrofit through the Mass Save Multifamily Program and the common areas were upgraded with new lighting, laundry, security systems, and landscaping. Zip Car also installed one of its first locations in Chelsea at the property. The acquisition was financed with a loan from Arbor Commercial Mortgage and the first crowdfunded equity tranche in Massachusetts.