By Keith Loria, Contributing Editor
Cambridge, Mass.—Behringer Harvard Multifamily REIT I Inc. and Wood Partners have formed a joint venture to develop 22 Water Street, a $191.1 million luxury multifamily community on a 2.4-acre infill site in Cambridge, Mass.
The 15-story high-rise, which will stand northwest of downtown Boston, will consist of 392 units and is expected to be completed in the first quarter of 2015.
“The 22 Water Street project is the second joint venture between Behringer Harvard Multifamily REIT I and Wood Partners. We announced in May our collaboration on Alta Audubon Road, a 186-unit luxury multifamily property slated for development in Wakefield, Mass.,” Jason Mattox, Behringer Harvard’s chief operating officer, tells MHN. “We expect both communities to have strong appeal for young professionals who appreciate outstanding amenities and convenient access to vibrant areas with many options for employment, entertainment and upscale shopping and dining.”
Atlanta-based Wood Partners is constructing the community, which will offer apartments averaging 793 square feet each, ranging from studios to units with two bedrooms and two baths. Apartments will feature 9-foot ceilings, full-size washers and dryers and condominium-quality finishes including granite countertops and stainless steel appliances. Common-area amenities will include a clubhouse with leasing office, state-of-the-art fitness center, clubroom, cyber cafe and private outdoor terrace.
“We are thrilled to be working with Behringer Harvard on this beautiful project,” Richard Dickason, director for Wood Partners in New England and New York, said in a company statement. “We all worked very hard to make this project a reality, and we are proud of what we have accomplished in a very limited amount of time.”
The property, which may be renamed, sits adjacent to the proposed site of Massachusetts Bay Transportation Authority’s relocated Lechmere Station. It also offers proximity to NorthPoint, a 45-acre, master-planned neighborhood currently in development, which is expected to provide 5.2 million square feet of mixed-use space.
Additionally, 22 Water Street is located in the highly desirable submarket that includes renowned educational institutions Harvard University and Massachusetts Institute of Technology, and acclaimed healthcare institutions and leaders in the high-tech and biotechnology industries.
The portfolio of Behringer Harvard Multifamily REIT I Inc. now includes investments in 51 multifamily communities in 14 states comprising 14,048 apartment homes.