Behringer, Wood Partners Kick Off $191M Suburban Boston M-F Project
- Jul 15, 2013
Behringer Harvard and Wood Partners have commenced construction on 22 Water St., a luxury apartment community in Cambridge, Mass., just outside of downtown Boston. The $191.1 million residential high-rise will deliver 392 residential units to the rental-thirsty Cambridge market.
Behringer Harvard Multifamily REIT I Inc. is providing equity capital for the project and will have an 80 percent ownership stake in the property. Wood Partners, which is overseeing development and construction, will own the remaining 20 percent.
“We believe 22 Water Street will be a unique, highly amenitized community that will benefit from its highly desirable micro-location,” Jason Mattox, COO of Behringer Harvard, told Commercial Property Executive. “We are confident that real estate market fundamentals in Cambridge, and in the Boston metro area, are robust enough to create strong tenant demand for our luxury development at 22 Water Street.”
Location, location, location. The 15-story 22 Water St. has logistics on its side, from its street location to its presence within one of the strongest apartment markets in the country. The tower is being erected just across from the Massachusetts Bay Transportation Authority’s relocated Lechmere Station, and will sit near the 5.2 million-square-foot NorthPoint master-planned neighborhood that is currently under development. Additionally, with top universities, research institutions, healthcare facilities and a booming biotech sector right in Cambridge, the site is surrounded by a pool of potential renters.
The 22 Water St. project marks the second time that BH Multifamily REIT I and Wood Partners have collaborated in metropolitan Boston this year. In May, the partners announced plans for Alta Audubon Road, a 186-unit luxury apartment property in Wakefield. Mass.