Increase in Apartments for Rent in Boston

The article basically revolves around the latest happenings of a developing firm and an investment firm looking to capitalize on the growing market for rental apartments in the Boston area especially.

There was a crowd packed inside the Project Place meeting room Thursday night to sit in and listen to the details of the National Developments revised plan to turn the former Boston Herald building into “Ink Block”. It is rumoured to be a $125 million mixed-use project that would encapsulate a total of 471 apartments, a supermarket, more restaurants and a mini-park. Around a quarter of the potential 471 apartments to be built will be made available for rent. This move is widely interpreted by many as a stepping stone for the firm to take advantage in rise in demand for Apartments for Rent Boston especially, as the city itself has a strong drawing power for apartment seekers mostly due to job opportunities in the area.

When interviewed, the architect remarked that although the building is in the planning stages right now, there are plans in place to make pedestrian connections so as to improve the overall street-scape of the area. Once approved by the Boston Redevelopment Authority (BRA), National Development will begin the construction of four apartment buildings on the 6.2-acre site. Under the proposal the project would be built in phases and the firm would build a nine-storey, five-storey, and two eight-story buildings in total. The existing Herald building would be demolished; with the below-ground parking reserved for apartment dwellers.

The projects architect also said they intend to provide an “urban solution”, which basically involves the building of wide sidewalks and planting of trees. Additionally, stores would be built along the length of Harrison Avenue and Traveler Street. The purpose for such a move is so that it will make the streets much livelier and increase the human traffic flow. This would effectively create a connection between the South End and the Mass in Boston.

On the other hand, a Bahrain-based alternative investment firm has recently announced to the media of its plans to spend $250m this year to buy properties in the United States for its Gulf clients. When interviewed by the media on Sunday, the head of the investment firm told reporters that they have spent close to $200m the previous year to purchase properties that they have identified situated in areas such as Miami, Boston and Los Angeles.

The firm is also focusing on buying apartments to take advantage of lower home ownership and preference for rentals in the US, especially in the Boston area. Other than that, the firm is planning on buying offices close to hospitals and is active in the Texas area. The chief of staff at the investment firm remarked that the US currently represents 50% of the global real-estate market today, and is one of the best options around when diversifying your investments.

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