Eco-Forward Apartment Development in Concord, Massachusetts
Developers: L&G – Asset Management, America and Taurus Investment Holdings
Location: Concord, Massachusetts
Units: 201
Price: Not disclosed
L&G’s U.S. Asset Management business and Taurus Investment Holdings have launched an eco-forward apartment building project in the Boston metro area. This marks the first housing project funded by L&G’s Institutional Retirement business in the U.S.
Situated in a structurally undersupplied Greater Boston submarket, the project will incorporate 25% affordable housing in compliance with state regulations. This initiative aligns with L&G’s recent multifamily investments, including properties in Denver and Chicago.
Boston-based Taurus is responsible for the development and will supervise construction. Callahan from Bridgewater, Massachusetts, is the general contractor.
Investment Strategy
L&G’s Institutional Retirement business aims to invest in income-producing multifamily housing in markets with steady demand and a lack of affordability. According to an L&G spokesperson, “The Concord development is a strong match to our strategy in a high-demand market with challenging supply dynamics.”
Sustainability Features
The project will feature an all-electric design, geothermal heating and cooling, and onsite solar expected to generate approximately 134,000 kWh of electricity annually. Taurus aims to achieve high sustainability standards—targeting Phius CORE 2024—by collaborating with EcoSmart Solution on energy analysis and system design.
Value Creation: L&G views sustainability as a key element of value for residents, investors, and the community. By enhancing energy performance from the project’s inception, the firm anticipates increased operational efficiency and long-term investment value.
Construction Timeline
Construction is set to commence this year, with the first building anticipated to be completed by the end of 2028, followed by the second building in 2029. L&G has faced challenges, including volatile construction costs and limited capital availability, impacting new housing developments.
Key Challenges:
- Construction costs volatility complicates final contract negotiations.
- Tight debt markets result in reduced capital for new developments, exacerbating the housing supply issue.
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