The development of transit-oriented urban sites with proximity to educational institutions, hospitals, major employers and other drivers of tenant demand and rent growth is a key component of our residential investment strategy.
Guided by this strategy, we acquired the 2.12-acre site located at 1515 Commonwealth Ave in the Boston’s Brighton neighborhood for $15.75 million in 2018.
The site is immediately adjacent to Boston’s subway system, is centrally located near a number of major institutions, including Boston College, Boston University, St. Elizabeth’s Hospital, and the newly-developed headquarters complex of New Balance. It also is situated atop one of the highest points in the City of Boston, affording it 360-degree views of the skylines of both Boston and Cambridge, the Charles River, and the wooded hills of the western suburbs.
Execution
After a successful entitlement process which yielded a nearly threefold increase in developable density, we are constructing a new residential complex comprised of two separate buildings, one with 151 rental units and the other with 102 condominiums, connected by a shared parking podium.
Incorporating a significant homeownership component as part of the project proved to be a key element of the community process strategy, which enabled us to achieve our targeted project density. In addition, we are positioning this component of the project to meet the “mid-luxury” buyer market, which remains dramatically undersupplied throughout Boston.
The project takes advantage of wood frame construction and a carefully curated design package, in order to contain project construction costs while delivering a Class A product to meet the sustained strength of Boston’s mid-priced rental and homeownership markets.
