Behringer Harvard and Wood Partners announced today their investment in a luxury multifamily property slated for development in Wakefield, Mass., a suburban area 10 miles north of downtown Boston. The 5.3-acre development site at 14 Audubon Road is just off Exit 42 of Interstate 95/Route 128.
One of the area's largest-ever mixed-use developments, MarketStreet at Lynnfield, is under construction on a 68-acre site less than a half mile away and slated to open later this year. MarketStreet at Lynnfield will be a lifestyle center offering a collection of specialty retailers, boutiques and fine dining options including a Whole Foods Market.
Behringer Harvard Multifamily REIT I, Inc. has provided equity capital for the construction of a 186-unit apartment community tentatively called Alta Audubon Road. The community will consist of a four- and five-story, semi-wrap residential building adjacent to a 3.5-story parking facility. Construction began this month and is expected to be completed in the fourth quarter of 2014.
"Alta Audubon Road will be our REIT's fifth apartment investment in the Boston metro area and our first new construction project in that region," said Mr. Mark T. Alfieri , Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. "We're pleased to have this opportunity to form a joint venture with Wood Partners to develop an outstanding multifamily community in a highly desirable suburb of Boston."
The community will be developed and constructed by affiliates of Wood Partners, an Atlanta-based firm that has six other apartment projects completed or underway in the Boston area.
"We are pleased to be building this luxury project with Behringer Harvard in such a desirable location," said Mr. Rick Dickason , Director of the Northeast Office of Wood Partners. "Being within walking distance of the Boston area's newest lifestyle center will be an attractive amenity for our residents."
Alta Audubon Road will offer apartment units averaging 934 square feet each, with up to two bedrooms and two baths. Units will feature nine-foot ceilings, full-size washers and dryers, and condominium-quality finishes including granite countertops and stainless steel appliances. Common-area amenities will include a luxury swimming pool and a clubhouse with a state-of-the-art fitness center, great room, cyber cafe and media room.
The community will provide convenient access to major employment centers in or near Boston via Interstates 95 and 93. Commuter rail services via the Haverhill Line to Boston are available two miles from the property at the MTBA's North Station.
The portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 52 multifamily communities in 14 states comprising 14,374 apartment homes.