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Apartment Developer Buys Assembly Square Site For $34M

Apartment developer Wood Partners is expanding its Greater Boston portfolio with the acquisition of a Somerville development site which is approved for a 329-unit apartment complex, including 20 percent income-restricted units.

The Atlanta-based multifamily developer acquired 290 Revolution Drive from Cresset Partners, master developer of the 9.4-acre XMBLY mixed-use development, for $34 million on April 29.

The Somerville planning board in November approved an eight-story building totaling 343,630 square feet with 188 internal parking spaces on the 1.7-acre parcel previously used as surface parking at the corner of Grand Union Boulevard and Revolution Drive.

Known as Alta XMBLY, the project will include 66 income-restricted affordable units to comply with Somerville’s inclusionary zoning ordinance.

Wood Partners owns a portfolio of a dozen apartment communities in Massachusetts, primarily in the suburbs, along with the Zinc tower in East Cambridge.

B&T Daily