News: Front Section
Posted: October 21, 2022
CBRE arranges $23.4 million land sale for 425-unit apartment development
Woburn, MA CBRE has arranged the $23.4 million sale of land for the development of an approved 425-unit apartment community located at 316 New Boston St.
CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller and procured the buyer, FRH Realty, LLC, an affiliate of Fairfield.
316 New Boston St. consists of a 19.6-acre parcel located at the intersection of New Boston Rd. and the MBTA commuter rail line. 2.8 acres of the 19.6 acres is located within the town of Wilmington and the balance within the town of Woburn. The site was offered for sale without approvals, but the site had zoning (Commerce Way Overlay District) that permitted higher-density multifamily development, given its close proximity to the Anderson-Woburn Regional Transit Center. Fairfield then took the site through the permitting process and received approvals to construct 425 apartments with 15% set aside for households earning 80% or less of area median income.
A key component of the transaction was the construction of the New Boston Street Bridge, which was funded through state and federal infrastructure funds and provides direct access to the Anderson-Woburn Regional Transit Center. With this new bridge, residents will have direct access to the transit center and improved access to I-93.
“We are pleased to have represented the seller in this transaction. This marked the successful conclusion of a multi-year planning and approval effort,” said St. John. “Woburn is undergoing tremendous transformation and this development will provide high-quality housing to a growing workforce and much-needed affordable housing. We look forward to the success of this project over the coming years.”
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