Greystar Announces First Ground-Up Development Project in Boston
Acquisition of 212 Stuart Street Development Expands Greystar’s Northeast Presence
Brings Unique and Luxurious Multifamily Design to Prestigious Urban Neighborhood
CHARLESTON, South Carolina – January 22, 2020 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development and management of high-quality rental housing properties, today announced its first major ground-up development in Boston through the acquisition of 212 Stuart Street.
With 126 residential units and ground floor retail space, the 19-story Class-A mixed use development comprises 149,940 gross square feet of prime retail and multifamily residential space. Located between Arlington and Charles Streets at the intersection of Back Bay and Bay Village, the site is ideally positioned between two of Boston’s most prestigious and sought after neighborhoods with close proximity to over 34 million square feet of Class-A office space and access to attractive retail destinations, including the Prudential Center, Copley Place malls and Newbury and Boylston Streets.
“Home to some of the world’s best universities and growing employment, Boston is one of the most attractive markets in the United States,” said Bob Faith, Founder, Chairman and CEO of Greystar. “We see great potential in this market and with the development of 212 Stuart Street we are excited to further expand our presence there. This will be an exciting addition to the Boston skyline and one of the highest quality projects Greystar has ever built.”
“This acquisition gives us access to two of Boston’s most desirable neighborhoods and compliments our expanding portfolio in the Northeast,” said Gary Kerr, Managing Director of Development for Greystar’s New England and New York development projects. “With the project’s preeminent location, this was a particularly attractive development opportunity for us. Boston is the nation’s leading city for life science and high tech professions and Greystar aims to provide a technology-friendly property with a modern look and luxurious feel that meets the needs of this dynamic city’s residents. We are excited to grow our presence in Boston and look forward to providing exceptional living spaces and Greystar’s world class service to the tenants of 212 Stuart Street.”
Slated to open in the first half of 2022, the 19-story community will offer a variety of one and two-bedroom floor plans and three-bedroom penthouses ranging in size from roughly 500 to over 2,100 square feet. Residents will enjoy a fully equipped gymnasium, bike storage, lounge, library, terrace and high speed Internet access, among other amenities.
As the nation’s third largest apartment developer with more than $14.2 billion AUM in global developments underway, Greystar will continue to leverage its operational and local market expertise to identify attractive investment, development and management opportunities in the New England market.
The site was purchased with full project entitlements and approvals from the Boston Planning & Development Agency. Transom Real Estate, LLC led the entitlement and permitting of the project.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development, and management of rental housing properties globally. Headquartered in Charleston, South Carolina, Greystar manages and operates an estimated $160 billion+ of real estate in nearly 200 markets globally including offices throughout the United States, UK, Continental Europe, Latin America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, managing more than 500,000 units/beds, and has a robust institutional investment management platform with approximately $36.1 billion of assets under management, including nearly $14.2 billion of assets under development. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
Joele Frank, Wilkinson Brimmer Katcher
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