X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WESTWOOD, MA-Despite the recent slowdown in the multifamily market, Equity Residential Properties Trust is looking to develop two new projects in the area–one here and one in Sturbridge.

The company would like to build a 138-unit complex in Westwood and has applied for a comprehensive permit for the development, necessitating an affordable-housing component. Equity applied for a comprehensive permit for the proposed development in Sturbridge, which will be between 60 and 70 units.

According to Equity’s area vice president, Christopher Reilly, the recent lower vacancies and decreasing rents does not mean the multifamily market here is in trouble. “It was almost too good here,” Reilly tells GlobeSt.com referring to the market of the late 1990s. “It is still a supply constrained market here. We operate in 36 states and Boston is one of two states that approaches a healthy market.”Equity also has three other projects currently under construction–in Quincy, Braintree and Haverhill. Reilly notes that the lead time in multifamily projects means that by the time most of these projects get off the ground, “the world will get back to something resembling normal.” Reilly predicts that while the area won’t see the double-digit rent growth it saw in the past few years, it will see a solid five to 8% growth soon. “We will only see a slowdown in growth here,” he says, “but it won’t be flat.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.