BOSTON—Veteran residential and commercial real estate executive Bud LaRosa says that the multifamily construction market is very strong in Boston and is showing no sign of let-up.

LaRosa, chief business performance officer at Tocci Building Cos. a Boston-based construction and project management firm, tells Globest.com, "Right now multifamily in Boston is on fire, which in fact is an understatement." LaRosa says that demand for rental housing in Boston is strong because new construction did not keep up with demand for the past five to seven years. In addition, a significant amount of Millennials are also attracted to the Boston area and its 24-7-live-work environment. In addition, he finds to a lesser degree Baby Boomers are selling their suburban homes and moving to the city in order to take advantage of the urban amenities there.

While there is already and will likely be some pockets of activity in the Route 128 market, the rental apartment demand is centered in Boston proper. He adds that many of his firm's clients are not having any issues securing financing for their multi-family ventures.

LaRosa says that his firm is close to securing a deal to build a $140-million multifamily project in Boston. He would not reveal any further details on the possible contract award.

He says that that there has been some activity among developers concerning residential condominium development. He adds that there are more discussions regarding possible condo development instead of multifamily than there has been in the past few years, "but not in a meaningful amount to move the needle right now," he adds.

However, he predicts that because of the significant multifamily development pipeline in and outside of Boston, that will likely change in the coming years. "People are talking about condos and there are a lot that are being designed and I think that is where this market is headed," LaRosa says.

The condo market may be bolstered by the older population that is looking to move to the city, but still wants to own their own housing. The younger demographic, particularly the Millennials, will more than likely be looking for rental housing "until they figure out where they are headed in their lives," he notes.

Tocci Building is currently working on a number of multifamily projects in the Boston region as well as elsewhere in the Northeast. One of its ongoing projects is the Westborough Woods Apartments residential development in Westborough, MA. The $35-million project will total 290,000 square feet of residential space in four buildings. The development will feature 249 apartments units (including 12 live-work units) and a 5,000-square-foot clubhouse.

The firm completed work on the mixed-use Waltham Landing project in Waltham, MA for owner/developer Charles River Place, LLC. The 51,000-square-foot development at 431 River St. features 34 two-bedroom garden apartment units atop four ground level retail spaces totaling 8,260 square feet. Last October, Tocci completed work on another mixed-use project—Brookside Square in West Concord, MA. The project, owned and developed by Oaktree FX, totals 126,000 square feet and features 74 luxury apartments and 36,000 square feet of commercial space.

The firm also does extensive business in the State of New Jersey. In the Garden State, Tocci is currently working on a $55-million luxury residential and retail development in Jersey City, NJ that involves a 16-story 240 luxury apartment unit development over an existing four story parking garage. The Residences at 3 Journal Square project, owned by PHMII Associates, LLC, is scheduled for completion in late 2016 and totals 220,000 square feet. Also under construction is Hartz Mountain Industries' Osprey Cove II 62-unit apartment building at 34 Meadowlands Parkway in Secaucus, NJ. The $9.5-million project totals 66,000 square feet.

Tocci is also scheduled to complete a five-story Homewood Suites Hotel in Brookline, MA for Claremont Cos. The 98,000-square-foot project, upon completion this April, will be a 13-key extended stay hotel. The firm is also building a $40-million, eight-story 176-key Embassy Suites Hotel in Berkeley Heights, NJ for Connell Hospitality, LLC.