Photo courtesy of Greystar

Leasing activity at what will grow to a 1,900-unit apartment portfolio in Everett by developer Greystar is confirming strong demand for new rental properties in Greater Boston.

The first building, known as the Mason, is currently 33 percent leased with average rents ranging from $2,500 to $2,800, said Gary Kerr, Greystar’s managing director of U.S. East development

Move-ins began May 30 for the 330-unit apartment complex at 101 Mill Road. The fast lease-up is taking place place despite a limited marketing campaign, Kerr said.

“It’s been incredibly well-received by the market,” he said. “We really set our rents to be at that mid- to lower pricepoint for the market, and that’s not a part of the market where you have to push heavy concessions.”

According to researcher Yardi Matrix, asking rents for new apartment leases in Greater Boston now average $2,734, up 5.5 percent in the past year.

According to Yardi Matrix, the Greater Boston apartment market has absorbed 8,382 apartment units over the past 12 months, down from 11,098 the previous year. The local development pipeline is slowing, in what researchers and developers attribute to rising construction costs and interest rates, potentially driving additional rent growth.

Charlestown, South Carolina-based Greystar is investing $730 million on construction of rental housing in Everett’s Commercial Triangle, a 110-acre former industrial district off Revere Beach Parkway that’s become one of Greater Boston most active multifamily development clusters.

Designed by CBT Architects, the Mason includes amenities including a pool with cabana seating, a makerspace and co-working space.

Along with the 85 Boston St. project, Greystar is developing the 450-unit Anthem complex at 35 Garvey St. and a pair of buildings containing 741 apartments at 1690 Revere Beach Parkway, which previously was occupied by a Stop & Shop Supermarket.

Greystar Project Reflects Strong Apartment Absorption

by Steve Adams time to read: 1 min