Aimco Breaks Ground on $190M M-F Project in Boston
- Nov 25, 2013
Apartment giant Aimco broke ground late last week on One Canal Street, a $190 million, 12-story apartment building in Boston’s Bulfinch Triangle area. When completed, the building will include 310 apartment homes and 21,000 square feet of ground-floor retail space, designed to accommodate a neighborhood supermarket.
“The appeal for Aimco is we own about $800 million of real estate around the Boston market, which runs from Nashua, N.H., to Providence, R.I., and we are looking to take some of that money and invest into Boston proper,” John Bezzant, Aimco’s chief investment officer, told Commercial Property Executive. “One Canal is a step in that direction.”
Commenced in partnership with the state of Massachusetts and the city of Boston, the project includes Aimco as owner and operator, and Trinity Financial as developer. Aimco will invest $76 million in equity, raised through the sale of lower-rated properties in Massachusetts, Indiana, Colorado and Texas.
One Canal Street will consist of one-, two- and three-bedroom apartment homes, offering granite kitchen countertops, stainless steel appliances and in-unit laundry. Building amenities include a state-of-the-art fitness center and clubroom, pet-friendly amenities such as an on-site dog wash, a rooftop swimming pool, a cooler for grocery deliveries and multiple outdoor spaces. There will also be a 147-space parking garage on the second and third floors.
According to Bezzant, the site offered multiple physical attributes that appealed to Aimco: It sits at the north end of the Rose Kennedy Greenway, has great views, is across the street from a T stop and North Station, plus is near restaurants and major commercial buildings.
“We believe it will be a jewel in the crown of the city of Boston’s revitalization of the Bulfinch Triangle and the northern anchor of the transformative Rose Kennedy Greenway project,” Bezzant said. “For us, this is a capital recycling activity: going out of weaker, lower-rated markets and reinvesting the capital in a higher-growth, higher-rent, better long-term location.”
Aimco currently owns 11 properties with more than 4,000 apartments in the Boston area. Through its subsidiaries and affiliates, the firm is one of the largest owners and operators of apartment communities in the United States, with 252 properties located in 23 states, the District of Columbia and Puerto Rico.