|Number of units||390|
Jones Lang LaSalle (JLL) is pleased to present the opportunity to acquire The Kendrick, suburban Boston’s premier apartment community. Located in the affluent town of Needham and adjacent to Route 128, the Kendrick offers 390 luxury apartment homes and expansive, best-in-class community amenities.
Consistent with its market-leading position, The Kendrick has performed impressively both before and during the pandemic. The community is presently 93% leased to an affluent resident base with an average professional household income of $218,500. The Kendrick’s central, easily accessible location makes it a short drive or train ride from the dynamic Route 128 commercial corridor, Cambridge, and Boston.
The town of Needham is widely recognized as one of the finest communities in Greater Boston, boasting an average home value of $1.15 million, household incomes of $221,000, an A+ rated school system and an abundance of shopping, dining, and recreational amenities. Needham has recently met the 10% affordability threshold under the Commonwealth’s 40B statute, which essentially ends new development of apartment communities within the town.
The Kendrick will be sold free and clear of debt financing, allowing prospective buyers to structure the sale to take advantage of their unique capital strategy and today’s highly attractive financing options.
- Outperformance through 2020
- Premier Location with High Barriers to Entry
- Convenient Access to Robust Commercial Demand
- Distinctive Product, including over 22,000 SF of Community Amenity Space
- Proximate to Premium Lifestyle Amenities