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Wood Partners’ Mixed-Income Apartment Asset Under Way in Andover

15 Feb 2015, 8:01 pm

By Veronica Grecu, Associate Editor

Construction is well under way at a new mixed-income apartment community in the city of Andover, roughly 24 miles from Boston.

Rolling Green Rental Community - Andover MA

Rolling Green Rental Community – Andover MA

Developed by Atlanta-based Wood Partners with WP East Builders serving as general contractor, the 224-unit multifamily asset is being built on a 20.2-acre lot located at 311 Lowell Street on the site of the old Rolling Green Golf Course. The Eagle-Tribune previously reported that the golf course, which opened in 1968, was purchased by Wood Partners for more than $12 million in June 2014. The land seller was Ivan Cormier, who also deeded an adjacent 26.6-acre lot to the Town of Andover to be used as open space.

The Rolling Green community was designed by The Architectural Team of Chelsea and will include two four-story wood-frame podium buildings above a parking garage. The buildings will include 134 one-bedroom units, 70 two-bedroom units and 20 three-bedroom units—56 of which will be offered as affordable housing units for residents or households earning less than 80 percent of the area median income. The development will also feature a multi-use recreational field, a half basketball court, outdoor play equipment for children, a dog park, two fitness centers and a heated saltwater pool next to a freestanding clubhouse.

Construction at Rolling Green is scheduled for completion in July 2016, with leasing activities expected to begin in April 2016. The community will be managed by Wood Residential Services, Wood Partners’ property management division, and the units will be marketed at monthly rents starting at $1,300.

According to Wood Partners, Rolling Green is located less than three miles from downtown Andover and less than 45 minutes by train from Boston. Nearby major employers include the Internal Revenue Service, Raytheon, Gillette, Verizon and Pfizer. As such, the community is expected to target young professionals who commute to work.

Once completed, the apartments at Rolling Green are estimated to generate $17.7 million in local income, nearly $2 million in taxes, and 273 local jobs.

Project rendering via Wood Partners

Land Acquired for 80-Unit Multifamily Asset in Allston

9 Feb 2015, 4:43 am

By Veronica Grecu, Associate Editor

Waypoint Companies’ 80-unit apartment community project approved by the BRA last year is now one step closer to breaking ground.

61-83 Braintree Street - Allston

61-83 Braintree Street – Allston

The Boston-based developer has entered a joint venture with the Grossman Companies, Inc. of Quincy to acquire the 0.7-acre construction site in the Hub’s Allston neighborhood. The property located at 61-83 Braintree Street was purchased for $3.25 million from an entity identified by PropertyShark as 61-83 Braintree St. Realty of Watertown.

The newly formed partnership is seeking investors who will provide 58 percent of the equity to acquire the land and fund soft costs until it either sells the permitted land or closes on a construction loan.

Thanks to the site’s proximity to downtown Boston and Cambridge, various suburban office locations and New Balance’s Boston Landing project which is currently under construction, the new multifamily project is estimated to become one of the catalysts of Boston’s 21st century development. Designed by Charlestown-based Neshamkin French Architects, the $26 million project will target recent college graduates, young professionals and grad students. Most of the apartments—51 of the 80—will be 568-square-foot studio units, while the remainder will be mostly one- and two-bedroom units raging in size from 840 to 1,122 square feet, and a number of three-bedroom units of 1,173 square feet.

The project will also include an underground garage with 68 parking spaces, a fitness center and a common roof deck. A system of solar panels installed on the rooftop will help reduce utility costs.

Rendering via the Waypoint Companies

Boston Realty Advisors Brokers Various Multifamily Communities in Boston

2 Feb 2015, 12:23 am

By Veronica Grecu, Associate Editor

A fully renovated multifamily property in Allston was recently acquired by The Mount Vernon Company in a transaction brokered by Boston Realty Advisors. Located approximately five miles from Boston, at 1322 Commonwealth Avenue, the asset consists of a fully leased, three-story building with 16 apartments—in a mix of one- , two- and three-bedroom units—and a surface parking garage for nine vehicles.

1322 Commonwealth Avenue - Allston MA

1322 Commonwealth Avenue – Allston MA

In 2010 Multi-Housing News Online reported that the property received $1.88 million under the Fannie Mae DUS Small Loan product line. The 10-year loan was originated by Arbor Commercial Funding LLC.

The Mount Vernon Company also grabbed a portfolio of 55 apartment units located in three separate buildings in Boston. Boston Realty Advisors’ multifamily team of Jason Weissman, Christopher Sower and Jennifer Price brokered the sale. Reportedly, the portfolio consists of 44 units at 40-44 Parker Hill Avenue and 198 Hillside Street in the Mission Hill neighborhood, and 11 units in a single building located at 179 St. Botolph in the Back Bay.

Earlier this month, Boston Realty Advisors sold a fully permitted property located at 373 Commonwealth Road in Wayland, MA, directly off of Commonwealth Road (Route 30, with easy access to 1-95 and the Mass Pike(I-90). The 2.5-acre property, which has been approved for a residential project with 52 units, sold for $2.9 million to developer Ronald Simons, according to The Real Reporter. Commonwealth Residences will feature a three-story building with four studios, 22 one-bedroom units, 22 two-bedrooms and four three-bedrooms.


Image via Google Street View

$14 Million CubeSmart Self-Storage Facility Approved for Development

30 Jan 2015, 1:51 am

By Veronica Grecu, Associate Editor

The Boston Redevelopment Authority (BRA) green-lighted a project proposal to transform the vacant warehouse at 99 Rivermoor Street in West Roxbury off of VFW Parkway into a high-quality self-storage facility with new loading areas and accessory uses.

CubeSmart Self-Storage - West Roxbury

CubeSmart Self-Storage – West Roxbury

The $14 million project will be developed by Newton-based VLR-Roxbury LLC, which also owns the six-acre site. According to PropertyShark, VLR-Roxbury purchased the property in November 2014 for $6.86 million from previous owner M&H Holdings LLC.

The facility at 99 Rivermoor Street will be managed by CubeSmart, a self-storage real estate investment trust that owns and manages self-storage facilities in the Greater Boston area and operates approximately 600 facilities across the U.S.  As detailed in the Project Notification Form, the existing one-story warehouse and office structure and the associated surface parking spaces have a combined square footage of 85,614.

VLR-Roxbury will redevelop the current structure in two phases. Phase I, which is expected to begin in the following months, calls for the construction of a single story, 2,500-square-foot addition at the corner of the existing building at Rivermoor Street, Gardner Street and Charles Park Road that will serve as office and high security storage space. Additionally, approximately 12,000 square feet of existing front office area in the former warehouse will be converted into storage use. During Phase II, VLR-Roxbury will add a second story encompassing nearly 66,270 square feet of space.

When fully completed, the CubeSmart facility at 99 Rivermoor Street will have 154,376 square feet of space with around 1,100 self-storage units, as well as 77 on-site surface parking spaces and new off-street loading areas, and storage for 75 recreational vehicles. Jordan Architects of San Clemente, Calif., designed the project, while Red Hill Construction Services will oversee construction management at the site. The project is estimated to create up to 60 construction jobs.

Rendering credits to Jordan Architects via BRA

Brookline Multifamily Property Sells for $50.2 Million

18 Jan 2015, 9:16 pm

By Veronica Grecu, Associate Editor

A joint venture between Westbrook Partners and Nordblom Co. sold a multifamily property in Brookline, MA, in a $50.15 million transaction arranged by HFF. The residential property located at 1440 Beacon Street in the Coolidge Corner neighborhood was purchased by an affiliate of Visconsi Companies, Ltd.—a real estate development and management firm based in Pepper Pike, Ohio.

1440 Beacon - Brookline MA

1440 Beacon – Brookline MA

Located roughly 4.2 miles from Boston and within walking distance from MBTA’s Summit Avenue Green Line station and the Washington Square Shopping District, 1440 Beacon consists of 136 residences in a mix of studios and one-bedroom units ranging from 350 square feet to 725 square feet. The property also features a fitness center, patio area, garage parking and laundry room.

According to the property’s website, rents at 1440 Beacon start at $1,575 for a studio, reaching $2,300 for a one-bedroom unit. Currently the property is going through a renovation program. Completed in 1949, the nine-story rental building sits on 0.5 acres and has 97,803 square feet of living space, according to real estate website PropertyShark. The Westbrook/Nordblom partnership acquired the property from Sovereign Realty Association Lp for $35 million in March 2012.

HFF also arranged $21.2 million in acquisition financing for the multifamily property, which will be managed by Samuel & Associates. The 15-year, fixed-rate loan was secured through New York Life Real Estate Investors.


Image via Google Street View

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