In the third quarter, AvalonBay completed Avalon Essex in nearby Peabody. Essex is a 154-apartment project adjacent to the North Shore Mall, a recently renovated 1.4-million-sf regional mall. Essex, which is being marketed as the first luxury apartment community built on Boston's North Shore in more than 15 years, has apparently hit another milestone as well--it beat the original lease-up projection by some 45 days, according to president and CEO Bryce Blair.
Boston hasn't been the REIT's only area of concentration. The 128-unit Avalon Haven in New Haven, CT also reached completion in Q3. Haven, too, beat its lease-up expectations by 45 days, says Blair. "Average per-home rents at Essex and Haven are $1,799 and $1,430, respectively," says the executive. "This exceeded our original expectations by approximately 7.0% and 2.0%." Total construction costs aggregated to $36 million.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
