Three woman team of Fish-Will, Hult and Bushashia help Peabody Properties to exceed growth expectations

BRAINTREE, MA Over many years, Peabody Properties, Inc. (PPI) has attained a strong local presence, a solid reputation for excellence in the property management industry and has long been recognized as a leader in the affordable housing market. However, under the leadership of Karen Fish-Will, vice president, Catherine Hult, treasurer and Doreen Bushashia, resident services director, PPI has had an innovative expansion plan underway, part of the planning set forth by these inspiring seasoned professionals, each with a very diverse approach, yet solidly united. At the apex of this strategic plan has been PPI's branching out into all aspects of real estate; management, sales, marketing, construction, development and resident services.

Peabody Properties, Inc. is a privately held corporation in its fourth generation of a 100-year family tradition. PPI is a full-service real estate firm specializing in property management, luxury condominium marketing, sales and leasing, capital improvement management, interior design, relocation and resident services, and supportive and assisted living.

Karen Fish-Will is a proven skilled executive, visionary, trouble shooter and real estate turn around expert. Throughout her diverse 25-year career, Fish-Will has excelled in all aspects of real estate management, sales, marketing, construction and development at PPI. Fish-Will is a woman and leader to watch in 2006 as the company continues to experience skyrocketing growth.

Under Fish-Will's leadership, the PPI team has had the following highlights in the past three years alone:

Projects that are in the development or current sales stage include:

*DND - Did not disclose

The PPI team has also won numerous industry awards for its superior quality developments and marketing abilities. PPI was recently recognized for its excellence in real estate sales and marketing at the 2005 PRISM Awards Banquet and Ceremony. Awards included The Waterworks at Chestnut Hill, Chestnut Hill, Mass., in marketing partnership with Diamond/Sinacori, LLC and in cooperation with Doerr Associates, for its Best Sales Center/Showroom and Best Brochure. Additionally, Carriage Lofts, in Amesbury, Mass. won for the Best Urban Residential Project, Christopher Columbus Plaza, Boston, Mass. won the Best Rental Community, and Renaissance on the River, Lowell, Mass. won for the Best Direct Mail Piece and Best Marketing Campaign: Community, Builder, or Associate.

Of particular interest is the marketing and sales initiative developed for The Waterworks at Chestnut Hill. This luxury development includes 108 highly sophisticated homes, averaging over $1 million each, in four separate buildings overlooking the Chestnut Hill Reservoir and the historical Olmstead Brothers Landscape.

The marketing of The Museum Residences, the highest-end homes at the Waterworks, is driven by a strong cross-marketing campaign with high-end retailers such as The Home Entertainment Expo, California Closets, Yale Appliance + Lighting and Kitchen Views. Each retailers' products are currently featured at The Waterworks at Chestnut Hill's 2005 PRISM Gold Award winning Sales Center/Showroom. In return, the retailers are featuring The Waterworks at Chestnut Hill in their show rooms, allowing for continual brand exposure in high-end retail outlets. This unique cross marketing arrangement allows all parties to leverage each other's strong brand recognition, high quality, advertising and public relations power and exposure. This level of creative cross-marketing is unprecedented among other luxury condominium home marketing initiatives in Boston.

Another innovative concept is the progressive commission program that PPI instituted at The Waterworks. Instead of having brokers wait a year or two for pre-sales to turn into commissions when the closings finally occur, co-brokers are generously rewarded for their services by benefiting from receiving 40% of the 2.5% co-broker's commission at the time of execution of the Purchase and Sale Agreement. The remaining 60% is paid to co-brokers at the time of unit closing. This commission program is a new and progressive initiative in the New England market.

PPI also has a strong sense of community commitment and currently participates in turnarounds for distressed properties. In 2005, the New England Affordable Housing Association acknowledged Mishawum Park Apartments in Charlestown, as an exemplary family development and a national community of quality. Actively participating in the Mishawum Apartments project, is Catherine Hult. In addition to her role overseeing the accounting department, she has also generated new property management business opportunities in the most challenging of areas, including: private management of public housing, turnarounds of distressed properties, resident-controlled housing, tax credit developments, and relocation services. All of these endeavors require high commitments of staff time, resources and expertise to win and maintain these challenging contracts and has attributed to an increase in Peabody Properties, Inc.'s portfolio of over 25 new properties in three years time and to approximately 30% growth.

Doreen Bushashia focuses on the creation, development, and implementation of a resident services program and top-notch affordable housing team. This staff, which was originally expanded due to Bushashia's pursuit of grant awards, work with elderly, family, and disabled residents, provides referrals and resources to community-based supportive services. Under Bushashia's leadership, the resident services program has been awarded over $3.3 million in grants to fund resident programs, such as computer learning centers, homework tutoring, parenting support groups, performing arts and job readiness amongst many others. Other PPI grants include the 2005 Youth RAP Grant of $29,700 allocated for swimming, karate, arts and crafts, outdoor challenges, and the popular hip hop course where youths produced their own music videos.

In 2001, Bushashia and Hult started the non-profit organization, Affordable Housing & Services Collaborative, Inc. with the dual focus of expanding grant opportunities and the purchase and preservation of other affordable housing developments. This entity owns affordable housing in Dorchester, Brockton, Brighton, and Lowell-all under PPI management.

The resident services division boasts a supportive housing model for low-income, frail seniors within Peabody Properties, Inc.'s elderly housing portfolio, which has been replicated with projects currently underway for the New Bedford Housing Authority and the Jamaica Plain Neighborhood Development Corporation. At the heart of this model is the Medicaid Group Adult Foster Care (GAFC) Program, where Peabody Properties, Inc. provides personal care and homemaking services to eligible MassHealth insured elders and persons with disabilities to assist them with aging-in-place. In 1995, Doreen Bushashia also started PPI's GAFC program, under the Peabody Resident Services, Inc. entity, in response to the needs of residents that and as an affordable housing and services option for low-income elders. Today, the PRSI GAFC program is the largest in the state and also includes clients from non-Peabody Properties, Inc.'s managed housing.

This dynamic threesome, Karen Fish-Will, Cathy Hult and Doreen Bushashia, has effectively diversified and reinvented a traditional property management business into a multi-faced leader in progressive real estate marketing and management. By providing their clients, which range from high-end, downtown penthouse buyers to affordable housing residents, with all facets of related services that they may need and exceeding goals on all levels. Great things can be expected from Peabody Properties, Inc. as it continues to grow, with a mission to not only be bigger, but to be the best.

New England & New York Real Estate Journals By: David D. Denelle 2005-11-25

Press Contact: Peabody Properties, Inc. Tel: 781-794-1000