CAMBRIDGE, MA-Behringer Harvard and Wood Partners have launched construction of a 392-unit luxury rental apartment community on a 2.4-acre infill site here. It marks the second joint venture between Dallas-based Behringer and Atlanta-based Wood in as many months on multifamily development in Boston’s suburbs.
According to SEC filings, Behringer Harvard Multifamily REIT I Inc. is providing about $191 million of equity capital toward development of the 15-story high-rise, tentatively called 22 Water Street. The JV expects to finish construction in the first quarter of 2015.
The project is adjacent to the proposed site of Massachusetts Bay Transportation Authority’s relocated Lechmere Station, which will provide commuter rail services to Boston and its western suburbs. It will also offer proximity to NorthPoint, a 45-acre, master-planned neighborhood that is expected to provide 5.2 million square feet of mixed-use space.
CambridgeSide Galleria mall, Kendall Square and TD Garden arena all are approximately one mile away, and Cambridge is home not only to Harvard University and Massachusetts Institute of technology, but also one of the nation’s leading life sciences clusters. “We expect that convenient access to employment centers in Cambridge and downtown Boston will appeal to our future residents,” Mark Alfieri, COO of Behringer Harvard Multifamily REIT I, says in a release.
In May, Behringer and Wood announced their first-ever JV with an investment in a 186-unit multifamily complex, located at 14 Audubon Rd. in Wakefield, MA and tentatively called Alta Audubon Road. It’s less than half a mile from MarketStreet at Lynnfield, a 68-acre lifestyle center now under construction.
Construction on Alta Audubon began this month and is expected to be completed in the fourth quarter of 2014. It will consist of a four- and five-story, semi-wrap residential building adjacent to a 3.5-story parking facility. By the time the apartment complex is done, MarketStreet at Lynnfield will be up and running with a Whole Foods Market as well as specialty and boutique retailers.
For Behringer, Alta Audubon represented the fifth multifamily investment in the Boston area as well as its first new construction in the region. Wood has half a dozen Boston-area multifamily projects either completed or under construction.