SOURCE: Wood Partners

Wood Partners

April 21, 2014 08:00 ET

Wood Partners to Begin Construction on 94-Unit Apartment Building in Melrose, Mass.

New Community, Part of City's Smart Growth Effort, Will Be Located in Walkable Neighborhood With Easy Subway Access to Downtown Boston

MELROSE, MA--(Marketwired - Apr 21, 2014) -  Wood Partners, L.L.C. has acquired 2.4 acres of infill property in this Boston suburb on which it plans to build a 94-unit apartment community named 2 Washington. The national multifamily developer plans to break ground in June and the project is expected to be completed and open for leasing by September 2015. This is the second community the firm has developed in Melrose and the eighth in the Boston area since opening in 2008.

"We are excited to be expanding our presence in Melrose and about being a part of the realization of the city's Smart Growth effort," said Adelaide M. Grady, Director of the Boston office of Wood Partners. "What was once an under-utilized industrial area is now, through the city's visionary zoning overlay, becoming a vibrant, walkable neighborhood."

The community, located at 2 Washington Street, will include a 130,000-square-foot, five-story building with 49 one-bedroom and 45 two-bedroom apartments. All apartments will have stainless steel appliances, vinyl plank flooring in kitchens and baths, granite countertops, and washers and dryers. Residents will have access to a clubroom with a fireplace and cyber-café, a fitness center with state-of-the-art cardio equipment, a roof deck and an outdoor lounge area with grilling stations. 38 of the 133 total parking spaces will be covered.

"This new apartment community represents a rare opportunity for residents to live in a quaint, leafy suburb while enjoying easy subway access to downtown," said Grady.

2 Washington is located two blocks from the Middlesex Fells Reservation, a 2,575-acre state park with hiking trails and walking paths. In addition, this community is one block from the MBTA's Oak Grove stop on the orange line with quick access to downtown Boston. Melrose, which has a population of 30,000, is seven miles from Boston and close to Route 93, Route 128 and Route 1. Ringed by a "green belt" that buffers it from surrounding communities and offers many outdoor recreation opportunities, Melrose is also home to two golf courses, Pine Banks Park and Morelli Field, a state-of-the-art baseball facility. Since 2009, 31 new small businesses have opened in Melrose.

According to the National Association of Home Builders' formula to determine the local impact of multifamily housing in typical metro areas, adding 94 rental apartments will generate $2.2 million in local income, $371,000 in taxes and other revenue for local governments, and 30 local jobs.

Bargmann Hendrie + Archetype is the architect, and Wood Partners is the general contractor for 2 Washington. Patricia Gips Associates was the broker.

About Wood Partners
Wood Partners is a national real estate company that acquires, develops, constructs and property manages high density and mixed-use communities. It was ranked the nation's No. 2 multifamily developer in 2012 based on 5,100 unit starts. Through quality construction, responsible land development and intelligent design, our communities reflect the aesthetic and social fabric of the community and provide a luxurious living experience at a fair price. The company has been involved in the acquisition and development of more than 49,000 homes with a combined value of more than $7.6 billion nationwide. The company currently owns 77 properties with a combined total of 20,200+ units. Wood Partners has offices in 16 major markets nationwide including Atlanta, Baltimore, Delray Beach/South Florida, Boston, Charlotte, Dallas, Denver, Houston, New York, Southern California, Orlando, Phoenix, Raleigh-Durham, San Francisco, Seattle, and Washington, D.C. To learn more about Wood Partners, please visit our website, www.woodpartners.com.