(Read more on the multifamily market.)

BOSTON-Blaming the shifting tide in the housing arena, a planned condominium complex just being completed in the Charlestown Navy Yard will convert to an apartment property, lead developer Trammell Crow Residential has said. Besides 26,000 sf of street-level retail, HarborView has 224 residential units, offering a mix of studio, one- and two-bedrooms.

"With mortgage markets tightening nationwide and local housing sales continuing their slowdown, we determined that the best direction is to reposition the property as an upscale rental building," TCR principal Joseph Torg says in a release. The broker who had been marketing the units has a radically different take, however.

Kevin Ahearn claims the project was well-received and could have succeeded as a condominium. "The ownership was never, in my opinion, in agreement on what they wanted to do," says Ahearn, president of Boston-based Otis & Ahearn, one of the top luxury condo brokers in Massachusetts. "They just couldn't get on the same page."

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