Land Acquired for 80-Unit Multifamily Asset in Allston
- Feb 09, 2015
By Veronica Grecu, Associate Editor
Waypoint Companies’ 80-unit apartment community project approved by the BRA last year is now one step closer to breaking ground.
The Boston-based developer has entered a joint venture with the Grossman Companies, Inc. of Quincy to acquire the 0.7-acre construction site in the Hub’s Allston neighborhood. The property located at 61-83 Braintree Street was purchased for $3.25 million from an entity identified by PropertyShark as 61-83 Braintree St. Realty of Watertown.
The newly formed partnership is seeking investors who will provide 58 percent of the equity to acquire the land and fund soft costs until it either sells the permitted land or closes on a construction loan.
Thanks to the site’s proximity to downtown Boston and Cambridge, various suburban office locations and New Balance’s Boston Landing project which is currently under construction, the new multifamily project is estimated to become one of the catalysts of Boston’s 21st century development. Designed by Charlestown-based Neshamkin French Architects, the $26 million project will target recent college graduates, young professionals and grad students. Most of the apartments—51 of the 80—will be 568-square-foot studio units, while the remainder will be mostly one- and two-bedroom units raging in size from 840 to 1,122 square feet, and a number of three-bedroom units of 1,173 square feet.
The project will also include an underground garage with 68 parking spaces, a fitness center and a common roof deck. A system of solar panels installed on the rooftop will help reduce utility costs.
Rendering via the Waypoint Companies