UK Firm Targets Boston for Stateside Ground-Up Debut
L&G Asset Management has made acquisitions in the United States before, but never developed its own ground-up project…until now.
The United Kingdom-based company bought a site at 292 Baker Avenue in Concord, a suburb of Boston, the Boston Business Journal reported. It closed on the site last week for $4.75 million, according to property records.
The seller of the site, Taurus Investment Holdings, is based locally and isn’t planning to go anywhere. In fact, Taurus is partnering with L&G on the project, lending its development expertise to the foreign company.
The project is a two-building development, dubbed NOVO Riverside Commons. It will be built next to a 400,000-square-foot office building and include 201 units, a quarter of which will be set aside for affordable housing under state law.
Construction is expected to start in the fall with projected openings between 2028 and 2029.
“Greater Boston remains attractive because it is a structurally supply-constrained market with strong underlying demand for rental housing,” Alexia Gottschalch, head of U.S. real estate equity for L&G, told the Journal.
While this is L&G’s first ground-up project stateside, it’s not the firm’s first investment in the United States, or even in the Greater Boston area. Last year, it bought the 200-unit Lynnfield Commons in a deal that also included Taurus.
L&G’s taken a particular interest in the Mile High City.
In December, it purchased The Alder apartments in a suburb of Denver for $97.2 million. The seller was Century Living, the multifamily division of Greenwood Village-based homebuilder Century Communities, which developed the property. The purchase marked the fourth multifamily acquisition for L&G over the course of a year.
A month earlier, it bought the Outlook Golden Ridge apartments in Golden, Colorado for nearly $81.9 million. The property at 544 Golden Ridge Road was sold by its developer, Evergreen Devco, and features 177 units across six buildings.
L&G also made a major acquisition in Chicago’s West Loop that strengthened its foothold on this side of the pond. The U.K. financial services firm picked up the 350-unit Arkadia West Loop apartment tower from PGIM; that deal followed the firm’s $200 million commitment to a value-add multifamily fund in partnership with Taurus.
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