|Number of units||62|
Jones Lang LaSalle (“JLL”) has been exclusively retained to market The Broadway (the “Community”), a 62-unit, recently renovated, 100% market-rate apartment community adjacent to Boston’s urban core in Somerville, Massachusetts featuring 1,259 square feet of street-level retail, a 2-story garage, and parking for 94 cars. The Broadway is located in the heart of Somerville, one of the most dynamic submarkets within Boston’s core that is in the midst of a life-science-fueled development boom, with over 6 million square feet of life science space in the pipeline. East Cambridge’s Kendall Square, the top life science market in the world, is just 2.1 miles from the Community. The soon to be completed Gilman Square Green Line MBTA Station is a 10-minute walk from the Community, providing direct public transit access to Boston’s downtown in under 10 minutes. The Broadway is also less than 0.5 miles from Interstate 93, Boston’s primary north-south artery, and 1.2 miles from Tufts University, adding to the rental housing demand in the area. Boasting a Walk Score of 85, the Community is surrounded by a number of walkable amenities including cafes, restaurants, bars, and everyday conveniences. Somerville is home to some of the Boston area’s best restaurants, including critically acclaimed Sarma, a 12-minute walk from the Community. The Broadway is also a 10-minute drive from the Encore Boston Harbor casino and less than a mile from Assembly Row, a 45-acre mixed-use development and one of the best amenities in Boston’s core. Ownership has renovated all but nine of the Community’s units, investing a total of $3.2 million in capital expenditures including new elevators, adding in-unit laundry, and converting the Community to electric heat. There is meaningful upside potential through a further unit renovation program to modernize units and enhance finishes.
Additionally, there is the potential to develop 28 additional units on the site with the permitting process well underway. The Broadway provides an opportunity to invest in a bulletproof urban Boston location with significant upside via the robust future growth of the area’s employment base and accompanying rent growth, a value-add program, and future
- Transit Oriented
- Robust Commercial Development Pipeline Driving Demand for Housing
- Amenity-rich, Urban environment
- Value-add Opportunity