Construction to be Complete This Summer on $40 Million, 155-Unit Upscale Apartment Community in Boston Suburb
WATERTOWN, Mass. – March 13, 2014 – Wood Partners announces that Alta at the Estate, a $40 million upscale apartment community on 11.6 acres in Watertown, is now pre-leasing the property’s 155 units to the public. The community clubhouse is open, and Wood Partners expects to deliver the first units by late March.
“We are very excited to bring this exceptional asset to the market for the spring leasing season,” said Adelaide M. Grady, Boston Area director for Wood Partners. “With its idyllic setting and easy access to jobs both in the 128 corridor and downtown, we are already seeing strong interest from renters looking for the best of both worlds.”
Designed by The Architectural Team and built by Wood Partners, Alta at the Estate consists of two four-story residential buildings and one two-story townhouse building. The clubhouse consists of a leasing office, clubroom, cyber-café and fitness center, and a private outdoor space includes a pool, built-in grills and patio areas.
Reflecting the area’s New England heritage and Revolutionary-era history, the brick and clapboard buildings include gables, dormer windows, varying eave lines, and two-story bay and double-hung windows.
The community includes 81 one-bedroom units, 73 two-bedroom units and one three-bedroom unit, for a total of 186,058 square feet of living area, with 256 parking spaces. All apartments will include vinyl plank flooring, granite countertops, stainless steel appliances and tile floors in the bathrooms. Master bathrooms will feature cultured marble vanities and oversized tubs with tile surrounds.
Alta at the Estate is close to major employers, transit, shopping and the popular Charles River Reservation Greenway and Bike Path. Boston is 8 miles away, and nearby employers include Bright Horizons, iProspect, Staples, EMC, Boston Scientific, Genzyme and educational institutions Harvard University and the Massachusetts Institute of Technology, both of which are less than a 20-minute drive.
The historic 45-acre Gore Estate, from which the development derives its name, and the Charles River Reservation greenway and bike path are within walking distance of the property. The greenway and preservation area is renowned for its natural beauty, attracting birdwatchers, kayakers, boaters and hikers.
Neighborhood shopping includes BJ’s Wholesale Club, Russo’s Farmers Market, Stop & Shop Supermarket, CVS Pharmacy and Shaw’s Supermarket. Other local shopping locations include Watertown Square and the Arsenal Mall area. An MBTA bus stop is across the street from the site, and Interstate-95 is minutes away.
Watertown, a prosperous Boston suburb, is home to a mix of white- and blue-collar workers. The median household income of $89,854 per year in 2011 was 39 percent higher than that of Massachusetts.
According to the National Association of Home Builders’ formula to determine the local impact of multifamily housing in typical metro areas, adding 260 rental apartments will generate $12.25 million in local income, $1.28 million in taxes and other revenue for local governments, and 189 local jobs.
For more information regarding Alta at the Estate, please visit www.altaattheestate.com or call 617-744-6013.
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.
