AvalonBay Communities said that it will begin the construction of its 28-story residential tower next year. The residential tower Avalon Exeter will be located at Back Bay, Boston, Massachusetts. Back Bay is a fashionable residential, commercial, and retail office district. AvalonBay is a known developer and owner of apartments nationwide, especially in Massachusetts area.
Avalon Bay’s residential tower project was postponed for over two years due to the recession, but now, because of the recent trend in apartments and residential commercial real estate, AvalonBay has decided to push through with the project.
According to AvalonBay’s vice president of development Michael Roberts, the company is happy about the recent stabilization of the economy, and building the residential tower would be a great timing.
The would-be residential tower will be situated at the Huntington Avenue, end of Exeter Street.
The residential tower will feature apartment units with three-bedrooms, as well as studio size units. Rents for the apartment units ranges from $2,000 to $8,000. The $8,000 rental price is for penthouses.
According to the director of the Boston Redevelopment Authority John Palmieri, the reality of the residential real estate market is that there are people who want to live in place closest to their working places.
The market for condominium is still on-edge, whereas apartment buildings are edging forward.
AvalonBay’s residential tower residents can have full access to a club room and a fitness center, as well as parking spaces that will be provided by Prudential Center’s garage under the company’s agreement with Prudential’s developer, Boston Properties.