Novaya Real Estate Ventures, in a Joint Venture with Five Mark Properties, Enters Residential Development Market; Acquires Hanover Villages for $4.35 Million

Hanover, MA (June 26, 2015) – Five Mark and Novaya recently announced its first joint venture in the acquisition of a development site in Hanover, MA. Formerly Hanover Villages, now known as Sconset Landing, will be part of an eight phase development comprising of 130 townhouse and condominium units. The fully permitted residential community is situated on approximately 60 acres on Route 53 and Phase 1 will break ground in September 2015.

The Town of Hanover is located 18 miles south of Boston and conveniently 2 miles south of the Route 3/Route 53 interchange. Aside from the residential community’s onsite amenities, which include fitness and community centers, Hanover provides a variety of rich offerings such as retail and entertainment all within a three-mile radius of the development.

“We are extremely excited about the team that we have assembled and the product that will be delivered. We expect the quality of construction and design to be well received by the market.” Shawn Hawthorne, Asset Manager at Novaya, who was hired in January, will oversee the entire project alongside with Ralph DiGiorgio, Rick Nekoroski and Tom O’Connell of Five Mark Properties.