CONSTRUCTION BEGINS ON 392-UNIT MULTIFAMILY COMMUNITY IN BOSTON AREA
CAMBRIDGE, MASS. — Behringer Harvard and Wood Partners have begun construction of a luxury multifamily community on a 2.4-acre site in Cambridge, a city northwest suburb of Boston.
Behringer Harvard Multifamily REIT I Inc. has provided equity capital for development of the 392-unit apartment community. Tentatively called 22 Water Street, the community will include a 15-story residential high-rise. Construction is slated for completion in the first quarter of 2015.
The multifamily community is adjacent to the proposed site of Massachusetts Bay Transportation Authority's (MBTA) relocated Lechmere Station, which provides commuter rail services to Boston and its western suburbs. The site is also close to NorthPoint, a 45-acre, master-planned neighborhood that is expected to provide 5.2 million square feet of mixed-use space. CambridgeSide Galleria mall, Kendall Square and TD Garden arena are all approximately one mile away.
“We are pleased to be developing this outstanding community in Cambridge with Wood Partners,” says Mark Alfieri, COO of Behringer Harvard Multifamily REIT I. “We expect that convenient access to employment centers in Cambridge and downtown Boston will appeal to our future residents.”
Developed and constructed by affiliates of Atlanta-based Wood Partners, the community will feature studio, one- and two-bedroom units, averaging 793 square feet. The apartments will include nine-foot ceilings, washers and dryers and granite countertops and stainless steel appliances. Common-area amenities will include a clubhouse with leasing office, state-of-the-art fitness center, club room, cyber cafe and private outdoor terrace.
“We are thrilled to be working with Behringer Harvard on this beautiful project,” says Richard Dickason, director for Wood Partners in New England and New York. “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.”
Residents at 22 Water Street will be able to commute to major employment centers in or near Boston using the adjacent Lechmere Station, or via I-93, Storrow Drive and Memorial Drive. MBTA bus services provide immediate connections to Harvard Square and other points north and west.
The portfolio of Behringer Harvard Multifamily REIT I Inc. includes investments in 51 multifamily communities in 14 states. Dallas-based Behringer Harvard creates, manages and distributes global institutional-quality alternative investment programs for individual and institutional investors.
Wood Partners is a national real estate company that acquires, develops, constructs and manages high-density and mixed-use communities. The company has been involved in the development of more than 46,000 homes with a combined value of more than $6.8 billion nationwide.