Boston, MA – (July 2, 2019)
GID announced today the formation of a joint venture partnership with Alliance Residential to develop Broadstone Middlesex, a 211 unit apartment community located in Billerica, MA. Construction will commence in July 2019 with first units projected to deliver second quarter of 2021. This is the first development venture between GID and Alliance Residential.
Located proximate to the robust MetroWest/I-95 corridor employment markets, as well as the burgeoning Burlington retail node, Broadstone Middlesex will offer residents impeccable access to jobs and lifestyle amenities. The Property will benefit greatly from the maturation of “3rd Ave.”, a 2015-constructed mixed-use development roughly four miles south on Middlesex Turnpike that contains a 140,000 sf Wegman’s grocery store, one of only six in-state locations for the popular New York-based retailer. The Property will feature a two story fitness center, a pool, private outdoor grilling and dining stations, walking paths around the adjacent pond, and a dog washing station. Unit finishes will includes nine-foot ceilings, vinyl plank flooring in the kitchens and living rooms, stone countertops with under-mount sinks and tile backsplashes.
Chad Russolillo, Vice President of Acquisitions at GID commented, “Broadstone Middlesex offers us the opportunity to develop in a suburban Boston location with direct access to regional employment anchors and some of the best retail execution in the state. GID is excited to expand our Greater Boston portfolio with what will be our ninth property in the area.”