Trammell Crow Residential, the multifamily development platform of Crow Holdings, has started construction on a 210-unit luxury multifamily residential property in Waltham, Mass. The new community will be part of the firm’s Alexan brand.
The developer said it had closed on a construction loan for the development at 73 Pond St. in downtown Waltham but did not provide details on the financing for Alexan Waltham. The building is slated for completion in summer 2025.
The six-story Class A building will offer both market-rate and affordable units in studio, one-bedroom, two-bedroom and three-bedroom layouts, ranging in size from 650 to 1,400 square feet. According to Yardi Matrix data, 53 of the units will be designated affordable. Five stories of apartments will be built over one level of at-grade podium parking.
Located two blocks north of the intersection of Main Street and Moody Street, the community is near 40 restaurants and is directly bordered by the Waltham portion of the Massachusetts Central Rail Trail, a 104-mile off-road, shared-use trail offering recreational activities and alternative access routes into Boston and Cambridge, Mass.
The property offers convenient access to the MBTA’s Waltham Station, providing connectivity to North Station in downtown Boston and Porter Square Station in Cambridge. Greater Boston’s largest suburban office cluster is located a 5-minute drive to the west on Route 28.
More Alexan Assets
With its latest Alexan offering, Trammell Crow has more than 29,000 apartment units in various stages of development in 20 markets across the country. Waltham isn’t the firm’s only Alexan project in the Boston area. In January 2021, the company closed on a construction loan and land purchase to build Alexan Kingston, a four-story, Class A apartment community in Kingston, Mass. The 282-unit multifamily property, also a mix of market-rate and affordable apartments, was built on the site of a former Sears department store at the Kingston Collection Mall. Leasing is ongoing at the recently completed property.
In January 2022, Trammell Crow sold Alexan WP2, now known as Winter Park 2, a 222-unit newly developed multifamily property in the Orlando MSA, to The Praedium Group for $75.5 million, according to Yardi Matrix data.
Several months earlier in November 2021, Trammell Crow bought a 9-acre vacant site in Miramar, Fla., to construct Alexan Miramar, a 250-unit multifamily development with two six-story buildings.
