This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Behringer Harvard And Wood Partners Announce Development Of Luxury Multifamily Community In Boston Metro Area

DALLAS, July 11, 2013 /PRNewswire/ -- Behringer Harvard and Wood Partners announced today 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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,719.92 -78.57 -0.44%
S&P 500 2,080.41 -9.70 -0.46%
NASDAQ 5,108.6660 -18.8590 -0.37%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs