Alliance Residential has proposed a 195-unit apartment complex at 341 Second Ave. in Waltham under the Chapter 40B affordable housing program.
The most prolific apartment developer in the nation last year is in the market for sites in Greater Boston as it seeks to tap into the region’s robust multifamily arena.
Phoenix-based Alliance Residential Co. is proposing a pair of apartment projects totaling $170 million in Hingham and Waltham, with a third undisclosed site in pre-permitting. The privately held company broke ground on 7,765 apartments in 2015, ranking first in the U.S., according to data compiled by the National Multifamily Housing Council. Alliance owns more than 26,000 apartment units and manages approximately 81,000, ranking seventh nationwide among management companies in unit count.
Alliance appointed Michael Boujoulian as its managing director as it expanded into the busy Greater Boston market early last year.
It’s currently seeking approval for a 300-unit apartment complex at 230 Beal St. in Hingham under the Chapter 40B affordable housing law. The 12-acre property contains a 50,000-square-foot Hingham Mutual Fire Insurance Co. office building that is being marketed by Colliers International Boston.
In Waltham, Alliance proposes 195 apartments at 341 Second Ave. City officials have appealed the state’s approval of the site.
Alliance is looking for additional sites in eastern Massachusetts with public transit access, visibility on major roads and proximity to employment centers, Boujoulian said.
“People want to be near walkable spaces and convenience retail. The goal is to check as many boxes as possible,” he said.
After completing nearly 6,800 multifamily units last year in Greater Boston, developers are projected to add another 6,200 apartments in 2016, according to a second-quarter report by Marcus & Millichap. Despite the construction boom, vacancies are expected to fall to 2.8 percent, with rents increasing 6.1 percent to an average $1,969 per month.
In his previous role as an executive at Cabot, Cabot & Forbes in Boston, Boujoulian oversaw such transit-oriented projects as the 428-unit Atmark in Cambridge’s Alewife neighborhood, in a development manager role for O’Connor Capital Partners. He also led the permitting for the 180-unit Deco apartment complex, which opened this spring in Quincy.
