J Woburn Heights/Image courtesy of Jefferson Apartment Group
A 168-unit apartment complex approved under the Chapter 40B affordable housing law is set to begin construction in Woburn with developers targeting a completion date in late 2022.
Jefferson Apartment Group acquired the 1042 Main St. property on Thursday for $6.6 million and received $40.25 million in construction financing from Citizens Bank, according to Middlesex County Registry of Deeds records.
Jefferson Apartment Group and SpringHarbor Financial Group are joint venture partners on the garden-style complex known as J Woburn Heights.
Units will average 1,025 square feet and include granite countertops, plank flooring and private balconies, Jefferson Apartment Group said. The project includes 42 income-restricted apartments for households earning 80 percent or below the area median income.
The development’s common-area amenities include a clubhouse, lounge, swimming pool, outdoor grilling stations and fire pits.
Jefferson Apartment Group last year completed the redevelopment of the Malden City Hall property into its 320-unit J Malden Center apartment complex, and is seeking to be designated as developer of the Goecke parking deck property in downtown Haverhill.
