FRH Realty Buys Land for Apartment Development in Woburn, MA
19.6-acre parcel of land sells for $23.4M
FRH Realty, LLC, an affiliate of Fairfield acquired a 19.6-acre parcel of land for $23.4 millon. The developer plans to build an approved 425-unit apartment community located at 316 New Boston Street in Woburn, MA
The parcel, 316 New Boston Street, is located at the intersection of New Boston Road and the MBTA commuter rail line. 2.8 acres of the 19.6 acres is located within the town of Wilmington and the balance within the town of Woburn. The site was offered for sale without approvals, but the site had zoning (Commerce Way Overlay District) that permitted higher-density multifamily development, given its close proximity to the Anderson-Woburn Regional Transit Center. Fairfield then took the site through the permitting process and received approvals to construct 425 apartments with 15% set aside for households earning 80% or less of area median income.
A key component of the transaction was the construction of the New Boston Street Bridge, which was funded through state and federal infrastructure funds and provides direct access to the Anderson-Woburn Regional Transit Center. With this new bridge, residents will be able to reach the transit center and I-93.
CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller and procured the buyer.