Wood Partners’ Mixed-Income Apartment Asset Under Way in Andover
- Feb 15, 2015
Construction is well under way at a new mixed-income apartment community in the city of Andover, roughly 24 miles from Boston.
Developed by Atlanta-based Wood Partners with WP East Builders serving as general contractor, the 224-unit multifamily asset is being built on a 20.2-acre lot located at 311 Lowell Street on the site of the old Rolling Green Golf Course. The Eagle-Tribune previously reported that the golf course, which opened in 1968, was purchased by Wood Partners for more than $12 million in June 2014. The land seller was Ivan Cormier, who also deeded an adjacent 26.6-acre lot to the Town of Andover to be used as open space.
The Rolling Green community was designed by The Architectural Team of Chelsea and will include two four-story wood-frame podium buildings above a parking garage. The buildings will include 134 one-bedroom units, 70 two-bedroom units and 20 three-bedroom units—56 of which will be offered as affordable housing units for residents or households earning less than 80 percent of the area median income. The development will also feature a multi-use recreational field, a half basketball court, outdoor play equipment for children, a dog park, two fitness centers and a heated saltwater pool next to a freestanding clubhouse.
Construction at Rolling Green is scheduled for completion in July 2016, with leasing activities expected to begin in April 2016. The community will be managed by Wood Residential Services, Wood Partners’ property management division, and the units will be marketed at monthly rents starting at $1,300.
According to Wood Partners, Rolling Green is located less than three miles from downtown Andover and less than 45 minutes by train from Boston. Nearby major employers include the Internal Revenue Service, Raytheon, Gillette, Verizon and Pfizer. As such, the community is expected to target young professionals who commute to work.
Once completed, the apartments at Rolling Green are estimated to generate $17.7 million in local income, nearly $2 million in taxes, and 273 local jobs.
Project rendering via Wood Partners