Dolben Begins Work on Rumney Flats in Suburban Boston
- Dec 04, 2014
Revere, Mass.—The Dolben Co. has broken ground on Rumney Flats, a 231-unit apartment development in Revere, a suburb of Boston. The property is part of a larger Planned Urban Development that includes BJ’s Wholesale Club, which has already been completed.
Rumney Flats will consist of three five-story wood framed buildings on six acres. The unit mix will include studios, one-bedroom apartments, one-bedroom with den and two-bedroom units. Each unit will have gas-fired heat and hot water system and central AC. Common amenities will include a great room, café, kitchen area and fitness center.
According to the developer, the property, which is at 83, 93 and 103 Ward St., also counts as TOD, with access to a nearby MBTA bus stop. It has a Walk Score of 74 (“Very Walkable”) and a Transit Score of 44 (“Some Transit”), reports the Walk Score organization.
Greater Boston is a strong apartment market, largely because of job growth. An estimated 40,200 employees will be added payrolls this year, a 1.6 percent increase in total employment, with the largest gains posted in the construction and professional and business services sectors. In 2013, 44,000 jobs were created.
Investment specialist Marcus & Millichap, in its most recent report on the Boston apartment market, noted that even though new inventory is more than double the five-year average, strong demand will result in net absorption of 7,415 apartments in 2014, keeping the metro vacancy level with last year’s rate of 3.7 percent. The company also predicts average rent growth of 4.5 percent this year.