10 Largest Multifamily Properties in Boston
The city's multifamily market continues to be one of the most stable in the U.S., while its long-term fundamentals create and attract high-skilled workers. However, the area faces a housing shortage due to high demand.
By Corina Stef
Above-trend population gains and increasing job growth continue to make Boston one of the most stable multifamily markets in the U.S. Residents and businesses are increasingly drawn to the metro’s reputation as a regional powerhouse and global innovation hub, the diversified economy, multiple upcoming developments and rent growth below the national rate.
However, because developers focus on delivering high-end properties, there is a supply-demand imbalance that continues to widen the metro’s affordability gap. According to a National Multifamily Housing Council report, Boston needs 66,000 new rental units by 2030 in order to keep up with demand, emphasizing the city’s housing shortage.
This list highlights the metro’s top 10 communities, based on unit counts, according to Yardi Matrix data.
10. Heath Street/Bromley Park
Completed in two phases in 1941 and 1954, the Boston Housing Authority’s 798-unit, fully affordable community is located on a 25-acre parcel at 30 Bickford St. in Boston’s Jamaica Plain neighborhood. Heath Street/Bromley Park was offers a wide range of lifestyle-oriented amenities, including on-site maintenance, a community center, elderly services, daycare, a computer-learning center, meeting facility and 483 parking spaces. Additionally, it includes 56 units reserved for seniors.
9. The Fairways
Chartwell Holdings acquired the 849-unit property at 1 Forest Ridge Road in Derry, N.H., from Fairfield Residential in 2016. The 31-building, partially affordable community was completed in 1986 and comprises one- and two-bedroom apartments overlooking the New England countryside. Amenities include a clubhouse, private balconies and patios, a swim center with an outdoor pool, sauna, two tennis courts and a fully equipped athletic center. The property is located 15 minutes from Massachusetts, and provides tenants an easy commute to Boston via nearby Route 93.
8. Royal Crest Estates
AIMCO owns and operates Royal Crest estates, a 902-unit multifamily property located at 1 New Castle Drive in Nashua, N.H. Completed in two phases in 1970 and 1975, the 49-building Royal Crest Estates consists of studios, one- and two-bedroom apartments ranging from 300-1,300 square feet. Amenities include swimming pools, a fitness center, tennis, basketball and sand volleyball courts, as well as a clubhouse, on-site recycling, storage options and controlled access to the buildings.
7. The Commons at Windsor Gardens
Previously known as the Berkshires at Windsor Gardens, the 914-unit community is situated at 624 Walpole St. in Norwood, Mass. AllianceBernstein purchased the 64-building property this year for no less than $199 million. The property features both apartments and townhomes ranging from 580 to 1,210 square feet, in addition to an on-site daycare center, laundry facilities, volleyball courts, a bark park and swimming pool with sun deck.
6. Granada Highlands
Metropolitan Properties of America’s 919-unit multifamily property is located on 41 acres at 211 Kennedy Drive in Malden, Mass. It was completed in 1973 and comprises 13 buildings with studios, one-, two- and three-bedroom apartments. Common amenities includes a fitness center, business center, theater, game rooms and resident lounge. Granada Highlights is also situated 10 minutes north of downtown Boston and a few minutes from retailers and various entertainment options.
5. Georgetowne Homes
Located at 400 Georgetowne Drive in Boston’s Hyde Park neighborhood, the fully affordable community features 967 one, two- and three-bedroom units on 61 acres. Beacon Communities owns and operates the 67 buildings, which were completed in 1970 and offer private entrances, smart card-based laundry services, playgrounds, on-site management and easy accessibility to shopping centers, medical facilities and municipal services.
4. Mary Ellen McCormack
Completed in 1930, Mary Ellen McCormack is the city’s oldest public housing development. The second Boston Housing Authority property on the list comprises 1,016 units and sits at 10 Kemp St. in South Boston. Totaling 33 buildings, the community sits on 26 acres, with units ranging from 501 to 939 square feet. Mary Ellen McCormack includes an on-site health center, tennis and basketball courts and a senior center. Additionally, the community is set to undergo a complete redevelopment, which will result in more than 3,000 middle-income and market-rate apartments and condominiums.
3. Jefferson Hills
LivCor’s 1,020-unit property occupies 27 acres at 1610 Worcester Road in Framingham, Mass. The four buildings, completed in 1966, comprise studios, one- and two-bedroom apartments overlooking the waters of Foss Reservoir. Community amenities include a fitness center, outdoor pool and patio, four sports courts, internet cafe, 24-hour concierge, business center with a conference room, resident lounge and a dog park, as well as a private parking garage with 1,464 parking spaces. The asset is within walking distance of Natick Mall, the largest shopping mall in Boston and New England.
With the most properties on this list, Boston Housing Authority completed the 1,108-unit, 42-building fully affordable community in 1940. The property is located at 55 Bunker Hill St. in Boston’s historic Charlestown neighborhood and offers one-, two-, three-, four- and five-bedroom units, each between 469 and 1,145 square feet. The unit mix features an on-site playground, basketball court, front and rear yards, landscaped grounds and 235 parking spaces. Neighborhood amenities include multiple schools, retailers, a health center, the Charlestown Navy Yard, The Charlestown Boys and Girls Club and the Kennedy Center.
1. Harbor Point on the Bay
Corcoran Jennison Cos. owns and manages Boston’s largest residential community, located at 24 Oyster Bay Road. The property comprises 1,283 one-, two- and three-bedroom units and townhouses, which were completed in 1988. Additionally, the partially affordable community is subject to a ground lease held by the Boston Housing Authority. Amenities include swimming pools, tennis courts, a bike repair station and racks, a clubhouse, grilling area, fitness center and Zipcars. The 55-building community is close to waterfront trails, restaurants, bars, retailers and Carson Beach.
Images courtesy of Yardi Matrix