By Veronica Grecu, Associate Editor
Wood Partners will break ground this month on a $40 million upscale apartment community in the suburb of Watertown, just six miles northwest of Boston. The real estate investment and development company recently announced the acquisition of an 11.6-acre property located at 255 Waltham St., close to major employers such as Bright Horizons, iProspect, Staples, EMC, Boston Scientific, Genzyme, educational institutions, transportation, shops and other public spaces.
The new housing complex will include two four-story residential buildings totaling 187,000 square feet of residential space, as well as 256 parking spaces, a two-story townhouse building and a clubhouse building. The design was created by The Architectural Team, Inc. of Chelsea to reflect the area’s New England heritage, featuring brick and clapboard facades, two-storied bays and double-hung windows.
Alta at the Estate will include 81 one-bedroom units, 73 two-bedroom units and one three-bedroom unit. All apartments will feature high-end amenities such as vinyl plank wood flooring, granite countertops, and stainless steel appliances. According to a press statement from the developer, construction at the site is estimated to be completed in 12 months with leasing scheduled for March 2014. The median household income in Watertown was $89,854 in 2011, 39 percent higher than the median household income of Massachusetts, so asking rents at Alta at the Estate are expected to be above average.
The development is estimated to generate $12.25 million in local income, $1.28 million in taxes and 189 construction jobs.
For more market data from Boston, click here.
Chart courtesy of Marcus & Millichap