PEABODY, MA - Trammell Crow Residential (TCR), the multifamily development platform of Crow Holdings, announced construction has commenced on its latest Alexan community, a 180-unit, luxury multifamily residence in Peabody, Massachusetts. TCR will serve as both the developer and general contractor on the project.
Alexan Peabody, a four-story, luxury multifamily development, will be located at 128 Newbury Street along Route 1. Construction completion is anticipated for Q4 2025. Alexan Peabody will offer both market-rate and affordable studio, one-bedroom, two-bedroom, and three-bedroom units. Permitted as a 40B development, 25% of the units will be allotted as affordable housing at 80% of Area Median Income.
Each unit will be equipped with stainless steel appliances, wood-style plank flooring, in-unit washers and dryers, and spacious walk-in closets. Additional first-class amenities include a resort-style pool, outdoor courtyards, grilling stations, a state-of-the-art fitness facility, a business center, and a resident event room complete with a gourmet kitchen, gaming room, and library.
Ideally situated along Route 1 just one mile north from I-95/Route 128, Alexan Peabody will provide residents convenient commutes to the region’s largest employment corridors in Boston, Cambridge, Burlington, and Waltham. Nearby lifestyle centers including MarketStreet Lynnfield and Northshore Mall which will provide plentiful dining and entertainment options for residents after work and on weekends.
“Alexan Peabody provides much-needed market-rate and affordable housing to Boston’s North Shore. The development of the site will beautify a previously clear-cut parcel of land, and we’re appreciative of the cooperative working relationship with the neighbors and the City of Peabody that helped make this project possible,” said Andy Huntoon, Managing Director, Northeast Division of Trammell Crow Residential. “We believe there is an incredible opportunity to continue to meet Greater Boston’s housing demand while creating jobs and providing solid risk-adjusted returns for our financial partners.”
Last year, TCR announced the groundbreaking of Alexan Waltham, a 210-unit luxury multifamily community in Waltham, Massachusetts, slated to be completed in Summer 2025. With the addition of Alexan Peabody, TCR’s Northeast apartment portfolio has more than 1,600 apartment units in various stages of development.