Boston – The Burlington Reservation, a newly built 270-unit apartment complex located on Cambridge Street on Corporate Street in Burlington, Massachusetts, was acquired by Equity Residential in a sale organized by the owners and developers, Davis’ companies and the director. Real estate investors.
Completed in 2019, The Reserve in Burlington is one of three apartment buildings to appear in the city in more than 15 years and has significantly expanded the community’s offering of both affordable and rental properties at market prices.
Situated along Highway 128 / I-95, the Burlington Game Reserve sets the standard for contemporary design and furnishings, all with a community in mind. This complex offers more amenities than any other Grade A project on Highway 128 and includes a full range of apartments from studios to three-bedroom apartments with over 35,000 square feet of indoor and outdoor spaces, including a two-story lobby with a concierge desk, a lounge with a kitchen for catering, a two-story fitness center, four overground courtyards, a resort-style pool with summer kitchen and bar, versatile common space and open fireplaces, and a 422-space indoor garage.
Although development was carried out shortly before the start of COVID-19, rentals accelerated after the governor lifted an authorized government lock, with traffic recovering in the third and fourth quarters; at the time of the sale, the property was approximately 96 percent occupied. This rental success despite the uncertainty caused by the pandemic is a testament to the quality, design and location of the project.
In 2015, the City of Burlington initiated a Comprehensive Master Plan encouraging the construction of Class A apartment buildings in or near commercial centers to meet the needs of Burlington’s growing young professionals and seniors. The city was forward-thinking in terms of its housing stock and remembered its commitment to providing thoughtful, affordable housing for its residents. Following the completion of the preserve, Burlington’s available housing stock increased to 13.3 percent, surpassing the 10 percent threshold following the 2020 census update.
“The construction of the nature reserve in Burlington was the result of working closely with the City of Burlington to provide land for multi-unit development and to increase the number of rental housing, including the amount of affordable housing the city has to offer, in a restricted-access area. supplies, ”said Chris Chandor, senior vice president of development for Davis Companies. “It was an exciting opportunity for the development team and the City of Burlington to identify new opportunities for multi-unit housing that are responsive to community needs at every stage of the process.”
Simon Butler and Biria St. John of CBRE represented the sellers in the deal.
– Advertisement –