Fortis Property Group has opened The Parker, a 168-unit luxury condominium development located at 55 Lagrange St. in Boston. Douglas Elliman Development Marketing is handling the property’s marketing and sales, with homes priced from $645,000 to $2.65 million.
The developer broke ground in 2018 and finished construction in the second quarter of 2022. Stantec led the community’s architectural development, and Zarifi Design curated the building’s interiors. The community offers a mix of studio, one- and two-bedroom residences, with select units being turnkey residences. Homes feature custom pre-installed furniture packages, oak flooring, panoramic windows and customizable interior designs.
Residents have access to a fitness center, billiards room, private theater, bar and lounge space and a roof deck. Situated adjacent to Boston Common, the community offers views of the entire city skyline and is within walking distance of the city’s Back Bay and Beacon Hill neighborhoods, which include many retail, dining and entertainment attractions.
Acknowledging the strength of the location, Jonathan Landau, CEO of Fortis said in prepared remarks, discerning buyers appreciate this rare opportunity to own a move-in-ready home inside a full-service luxury condominium at the nexus of Boston’s most desirable neighborhoods.
Boston’s multifamily brass
Nearly all sectors of Boston’s multifamily market have posted strong fundamentals, in part due to the city’s stable economy and diverse employment opportunities. The citywide multifamily occupancy rate sits at 96.6 percent, and Boston had an underway pipeline of 17,820 units as of April, according to data from a July 2022 Yardi Matrix report. Investors across the metro have been fixated on luxury developments in particular, with two-thirds of deals through April involving the sector, in addition to construction being skewed toward higher-end projects, data from the report shows.
Another recent luxury headline in the city is Toll Brothers’ opening of Emblem 120, a 289-unit luxury development in Woburn, Mass.
