CAMBRIDGE, MA - Behringer Harvard and Wood Partners announced that they have begun construction of a luxury multifamily community on a 2.4-acre infill site in Cambridge, Mass., a city directly northwest of downtown Boston.
Behringer Harvard Multifamily REIT I, Inc. has provided equity capital for development of a 392-unit apartment community. Tentatively called 22 Water Street, the community will consist of a 15-story residential high-rise. Construction is expected to be completed in the first quarter of 2015.
22 Water Street is adjacent to the proposed site of Massachusetts Bay Transportation Authority's (MBTA's) relocated Lechmere Station, which provides commuter rail services to Boston and its western suburbs. The site also offers proximity to NorthPoint, a 45-acre, master-planned neighborhood, now in development, that is expected to provide 5.2 million square feet of mixed-use space. Other nearby amenities include a broad selection of shopping, dining and entertainment venues. CambridgeSide Galleria mall, Kendall Square and TD Garden arena are all approximately one mile away.
"We are pleased to be developing this outstanding community in Cambridge with Wood Partners," said Mr. Mark T. Alfieri, Chief Operating Officer of Behringer Harvard Multifamily REIT I, Inc. "We expect that convenient access to employment centers in Cambridge and downtown Boston will appeal to our future residents."
Developed and constructed by affiliates of Atlanta-based Wood Partners, the community will offer apartments averaging 793 square feet each, ranging from studios to units with two bedrooms and two baths. The apartments will feature nine-foot ceilings, full-size washers and dryers and condominium-quality finishes including granite countertops and stainless steel appliances. Common-area amenities will include a clubhouse with leasing office, state-of-the-art fitness center, club room, cyber cafe and private outdoor terrace.
"We are thrilled to be working with Behringer Harvard on this beautiful project," said Mr. Richard Dickason, Director for Wood Partners in New England and New York. "We all worked very hard to make this project a reality, and we are proud of what we have accomplished in a very limited amount of time."
22 Water Street will be situated in a highly desirable submarket that includes two of the nation's top universities (Harvard University and Massachusetts Institute of Technology), as well as renowned healthcare institutions and leaders in the high-technology and biotechnology industries. Residents will be able to commute to major employment centers in or near Boston using the adjacent Lechmere Station, or via Interstate 93, Storrow Drive and Memorial Drive. MBTA bus services provide immediate connections to Harvard Square and other points north and west.
The portfolio of Behringer Harvard Multifamily REIT I, Inc. includes investments in 51 multifamily communities in 14 states comprising 14,048 apartment homes.