Boston Suburb the Site of Newest Legacy Park Apartment

The Federated Cos. announced earlier this week that it has purchased a 12-acre site in Wilmington, and plans to construct an MGL Chapter 40-B mixed-income rental community featuring a total of 108 units, to begin pre-leasing in early 2013.

Wilmington, Mass.—Legacy Park Apartments, the apartment community brand name of The Federated Cos., will soon arrive in Wilmington, Mass. The Federated Cos. announced earlier this week that it has purchased a 12-acre site in Wilmington, and plans to construct an MGL Chapter 40-B mixed-income rental community featuring a total of 108 units, to begin pre-leasing in early 2013.

The real estate investment and development firm reports about 28 percent of apartments at Legacy Park Wilmington will be designated as affordable, with the rest of the units leasing at market rates. The community will also feature an enclosed 35-space parking garage, part of a total of 194 parking spaces on-site.

The property’s two three-story garden-style buildings will offer a mix of one-, two- and three-bedroom layouts ranging from 786 to 1,698 square feet in size and offering such features as granite countertops and in-unit washers and dryers.

Legacy Park Wilmington will feature an amenity package that offers both a fitness center and library/community room.

The affordable component of the community is fitting, given the fact that Wilmington was named the “Best Affordable Suburb” in Massachusetts in 2010 by Bloomberg’s BusinessWeek.

“We had been looking for a project around the greater Wilmington market for a while,” Nick Wexler, chief operating officer of The Federated Cos., tells MHN. “We had earmarked it as an area where we wanted to do business. This particular site is exciting because of its proximity to downtown Wilmington and downtown Boston, and the fact that it’s so close to public transportation. Wilmington as a whole made sense; this location within Wilmington was really attractive.”

Legacy Park Wilmington residents will be able to commute by rail to downtown Boston in less than 30 minutes.  In addition, they will find themselves less than two miles from I-93, with downtown Boston just a 15-mile drive away.

Few challenges have arisen on the project to date. “There are existing buildings on the site, and there was some minor remediation that needed to be done,” Wexler says. “But it wasn’t a big deal.”

Another noteworthy aspect of Legacy Park Wilmington is that it benefited from going through Massachusetts’ 40-B state program, which allows for concessions with regard to density and parking, if at least 25 percent of the development is designated affordable, Wexler says.

All in all, Wexler sees this as an ideal addition to this Massachusetts town. “It fits perfectly, not only with the history of Wilmington, but as a Class A product in a Class A market,” he says.

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