Greystar has made a big investment in the Boston suburb of Everett, Massachusetts, helping to transform an industrial neighborhood into a vibrant mixed-use, transit-oriented community.
While multifamily development in urban cores has become more challenging with increasing construction costs and tough regulatory environments, developers like Greystar are looking to the close-in suburbs with available land and potential, like the Commercial Triangle, a 100-acre former manufacturing area. The Everett location also was attractive to Greystar with the city rezoning the neighborhood for multifamily development, its proximity to public transportation to downtown Boston, and the momentum seen from the opening of Wynn Resorts’ Encore Boston Harbor along the Mystic River.
“As we thought about this opportunity, we saw urban fringe neighborhoods as a template. There isn’t really anything like this in the Boston area due to the limited land availability,” says Ryan Souls, senior director of development at Greystar. “We looked to neighborhoods like RiNo in Denver that have seen large deliveries of residential and retail and how the neighborhood transformed.”
Greystar identified one parcel in Everett pre-COVID that ultimately became two phases. Its work in the neighborhood now spans five developments with over 1,900 units with a total development cost of approximately $875 million:
- Jade, 325 units;
- Anthem, 450 units;
- Mason, 330 units;
- Maxwell, 384 units; and
- Juniper: 416 units.
Construction on the first development began in June 2021, and the final development, Juniper, is set for completion in November 2026.
“As we started to advance, more opportunities presented themselves,” Souls says. “We controlled our own density and created a sense of place and a neighborhood.”
A lot of the underlying strategy about building in the area has to do with affordability. “It can cost 60% more to live a mile closer to the city,” he notes. “Those rents are largely unaffordable. You also tend to see the demographics skewing older with higher incomes. Here, we are really targeting the younger professional.”
Another factor is the support of a cooperative city. According to Souls, the city of Everett provided the framework that gave a clear path to entitling the sites and starting construction and has been supportive in helping define the neighborhood plan.
The new neighborhood, which Greystar has branded as the Everett Triangle, is catering to younger professionals versus the existing Everett community that has a long history.
“It’s bringing in a new crop of residents that maybe wouldn’t have settled in Everett,” Souls adds. “Greystar really helped establish this neighborhood as a residential community and not just a one-off building. In these formerly industrial areas, there isn’t a personality. You’re starting with a blank slate.”
The residential buildings have distinct but cohesive urban designs.
“They all have slightly different amenities, branding, and architecture. We intentionally use different architects and interior designers to not have it look too generic or similar. It’s an urban neighborhood, and that’s one of the characteristics that resonates with residents.”
Anthem provides an artful vibe with three unique courtyards and work-from-home spaces; Jade touts artfully crafted apartments where you can find inspiration and comfort; Mason channels a light-industrial design with tasteful amenities; and Maxwell boasts more space with lush surroundings. As part of the Juniper completion next year, a new park also will be delivered.
The residential development also has been a catalyst for other multifamily building, retail, and improved neighborhood infrastructure.
While there’s still construction underway, Souls says it now feels like a cohesive neighborhood with green areas and sidewalks. “It doesn’t happen overnight. You have to build into that from numerous perspectives—the retail side, community finish levels, the overall design of the buildings,” he notes.
Leasing at the four completed developments has been strong at nearly 83%.
“I think that momentum continues to build as Everett gets more interest. We have delivered one of the largest concentrations of housing supply over the past five years and continue to see residents choose Everett,” Souls says.
He adds as the neighborhood matures, the rent base improves.
“We have tried to think strategically—that’s why we wanted to take on multiple projects to control our destiny,” he says. “Our long-term objective is to be part of this neighborhood as it matures.”