The Federated Companies Purchases Land and Will Begin Construction on Another Legacy Park Apartments’ Development

The Federated Companies, a leading national real estate investment and development firm, is pleased to announce that it has purchased a 12-acre development site in Wilmington, Massachusetts.  The site is located at the intersection of Route 38 and 62, and is the latest development to feature The Federated Companies’ apartment community brand, Legacy Park Apartments.

The project is a MGL Chapter 40-B mixed-income rental community which will consist of two, three-story garden buildings containing 108 total units and an enclosed 35 space parking garage (194 total parking spaces on site).  Approximately 28% of the units will be designated affordable and the remainder will be market rate.  The floor plans for the property’s garden style units are a mix of one,  two, and three bedroom layouts, and range in size from 786 to 1,698 square feet.  The property will feature amenities such as a fitness center, library/community room, granite countertops, and in-unit washers and dryers.  The Federated Companies will be the project’s general contractor, and demolition on the existing industrial building is slated to begin next week with construction starting in spring of 2012.  Pre-leasing is expected to begin in the first quarter of 2013.

“The Federated Companies is excited about Legacy Park Wilmington,” stated Nick Wexler, Chief Operating Officer of The Federated Companies.  “The project is located in a suburban market with excellent demographics and the site is immediately adjacent to the Wilmington commuter rail station.  The town offers a high quality of life in a quaint suburban setting, is less than 15 miles from downtown Boston and minutes from the Route 128 technology corridor.”

This transit orienteddevelopment provides rail service to downtown Boston in less than 30 minutes  and is less than 2 miles from the Interstate-93.  With its own school district and proximity to Silver Lake, the Town of Wilmington was named by Bloomberg’s BusinessWeek as the “Best Affordable Suburb” in Massachusetts for 2010.

Posted on January 4th, 2012 in Property Transactions