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Boston Residential Group, Conroy Development JV to Lease and Market Navy Yard 33
Published: October 06, 2008
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By Anuradha Kher, Online News Editor
Charlestown, Mass.--Leasing has started for Boston Residential Group’s new luxury apartment community, located in the historic Charlestown Navy Yard in Massachusetts. Move-ins will begin on Nov. 1.
Navy Yard 33 is located at 33 Navy Yard, close to the USS Constitution.
The project is a joint venture between Conroy Development Co., the owner and developer of the property, and Boston Residential Group. Conroy purchased the historic four-story, 47,600-sq.-ft. building in the early 1990’s.
The building was recently converted from an office building into a residential property featuring 47 rental units, including six affordable units. The building, which originally dates back to the 1850s, features 30 one-bedroom units and 17 two-bedroom units, 10 of which are duplexes.
“The Boston rental market is doing exceedingly well for good buildings in good locations,” Curtis Kemeny, CEO of Boston Residential Group, tells MHN. “We have raised rents by two to three percent annually in our buildings over the last two years, and tenant incentives are down.”
Typically, Kemeny says, “Demand for rental housing goes up when the condominium and for-sale housing market contracts, which has been the case for us the last 18 months. People also value the flexibility of renting in uncertain financial times.”
Rents have also been going up, he says. At Navy Yard 33, rents range from $1,725 to $3,100 per month.
The loft-style units offer spacious floor plans, exposed brick and beams, an old granite block façade and cobblestone courtyard.
Doug Dolezal of Dolezal Architecture & Interior Design was the architect for Navy Yard 33.
