Image courtesy of Greystar

Multifamily developer Greystar has broken ground on the latest of its three projects that will create nearly 2,000 apartments in Everett.

Greystar and Partners Group, a private equity investor, are redeveloping the 4.7-acre industrial parcel at 35 Garvey St. into a 450-unit apartment complex. The two-building complex is located in Everett’s commercial triangle district, a federal Opportunity Zone that’s attracted the bulk of the city’s housing pipeline in recent years.

Charleston, South Carolina-based Greystar is developing three multifamily projects totaling nearly 2,000 units in Everett’s Commercial Triangle representing over $730 million in investment, including projects at 85 Boston St. and 1690 Revere Beach Parkway.

The Garvey Street projects includes 427 market-rate and 23 affordable apartments, 564 garaged spaces and 6,500 square feet of retail. Site improvements and community benefits include widening of Second Street for a bus line for the MBTA’s Silver Line Extension, creation of a dedicated bike lane and sponsorship of a docking station for a bicycle rental service.