https://www.bostonmagazine.com/property/2023/07/20/mason-everett-preview/
Mason, one of Greystar’s three new Commercial Triangle developments, began welcoming residents last month.
by ERIN KAYATA· 7/20/2023, 4:13 p.m.
As Boston rents creep up, people are increasingly looking outside Boston’s city limits for a home that’s affordable without being totally rundown (as is the case with so many local apartments). Developers are taking notice of this trend and rising to the occasion. Case in point: Greystar Real Estate Partners, LLC is in the process of launching three new developments in Everett. aimed at targeting renters who want proximity to the city and to live in a new building but are sick of paying typical Boston rents.
The company’s plan is to open five buildings across three separate developments within the next three to four years said Gary Kerr, managing director of development at Greystar Development Services in the Northeast, including a mix of residential units and retail space. Greystar will also enhance the surrounding streetscapes with new outdoor spaces and walking paths that’ll be accessible to the public.
This $730 million investment will create 1,900 new units of housing across the five buildings offering high-end amenities such as co-working spaces, areas for dogs, and outdoor living space. “We’re building an entire neighborhood here,” Kerr said. “A neighborhood next to a major job hub is incredibly attractive. It’s a great living opportunity and great investment opportunity.”
Greystar’s presence in Everett’s Commercial Triangle—110 acres located between the Revere Beach Parkway, the commuter rail, and the Chelsea city line—began with Mason, a freshly constructed 330-unit building that opened to residents last month. The building also hases 5,000 square feet of retail space on the ground floor in the structure designed by CBT Architects. With roughly 18 percent of Mason occupied, Kerr said the company is already seeing a lot of interest and predicted the building will be fully occupied within the next nine to 12 months. “We’re leasing 15 to 20 units a week,” he added earlier in July. “We’re running out of leasing professionals to take meetings. We’re really, really happy with the level of interest. The product is reverberating with the market.” with the level of interest. The product is reverberating with the market.”
Kerr said he identified the site for the project nearly four years ago, choosing it for its proximity to Boston and the surrounding area via the commuter rail and Silver Line. Mason is also a short walk away from the Chelsea MBTA stop, which provides access to both North and South stations via the commuter rail and Silver Line. “The adjacency it provides was the initial thing that attracted us,” Kerr said. The building will also offer 440 parking spaces for tenants with cars.
The project comes at a time when rents (and housing prices) are at an all-time high in Boston and the surrounding areas. The median monthly rent for a one-bedroom in the city was $2,750 in June, according to Zumper. By comparison, the median rent for a one-bedroom in Everett was $2,260, a number that also represents the state median.
While Greystar’s new development’s rents run close to Boston’s average, residents will be getting more bang for their buck, as Mason offers amenities that are harder to find in Boston’s older rental stock, said Kerr. Mason will offer a fitness center with a yoga studio, an outdoor courtyard pool with cabana seating, outdoor grills and fire pits, co-working spaces, and a dog park/spa. There’s also a shared maker space with high-top tables, floor-to-ceiling windows, and a sink where artists can come in to work on their crafts. “The key thing [about] amenities, is providing the amount tenants are expecting in a new building and going from there,” said Jacob Stark, senior associate, development at Greystar.
In addition to physical amenities, there’s building-wide WiFi and concierge services, including package storage and valet dry cleaning. The units themselves, ranging from studios to two-bedrooms, will have a mix of wide-plank flooring and carpeting, oversized windows, spacious closets, quartz countertops, and stainless GE appliances. The building will also offer programs that foster social interaction so residents can get to know one another. “We try to create a different experience for our tenants,” Kerr said. “People are crying out for community. Having people move in…who want to meet neighbors, meet friends, we’re going to support them.”
