Spring Hill Apartments - Somerville

RENTALS Somerville’s dense population and land constraints makes it more difficult to add new housing, but developers continue to search for locations to add high end apartments and capitalize on Somerville’s popularity. The most notable of which is the Assembly Square redevelopment district. The new construction, completed in 2014, resulted in a new Orange Line T-station between Wellington and Sullivan Square. The mammoth $1.5 billion mixed-use project will include residential apartments, retail and office space, and a hotel. Current tenants in Assembly Row include Le Creuset, Reebok, Adidas, Express, AMC Theatres, Saks Fifth Avenue, and the 45,000 SF Legoland. The forthcoming phase 2 of the project will include 730,000 SF of office space for Partners Healthcare campus, another 447 apartments, a 155-room hotel, 137 condos, and a linear park – all scheduled to open in early 2017. Existing apartments at Assembly Square include Avalon at Assembly Row (253 units) built in April 2014 and AVA Somerville (250 units) built in January 2015. Their average asking rents are listed below and representative of the high end of the Somerville’s Class A rental market. In addition Maxwell’s Green, built in 2012, is listed below and sold in April 2014 for $87 million ($472,826) at a reported 4.5% cap rate.

44 CENTRAL STREET / 151-153 SUMMER STREET

CENTRAL STREET

SUMMER STREET

AVALON AT ASSEMBLY AVA SOMERVILLE

MAXWELLS GREEN

AVERAGE RENT

AVERAGE RENT

AVERAGE RENT

STUDIO

$2,317

$1,988

$2,301

1-BED 2-BED

$2,873

$2,539

$2,955

$3,948

$3,072

$3,701

Avg. $4.01/SF

Avg. $3.47/SF

Avg. $3.53/SF

Somerville is now the 7th most walkable city and the 9th most transit- friendly city in the nation, regardless of population size. –WalkScore.com

A survey of apartment buildings in Somerville, as reported by Costar, listed 2,908 existing units and 135 under construction. The reported vacancy rate was 1.4% the lowest of a 5-year average of 3.2%. An MLS rental search produced 84 apartments rented since January 2014 within ½ mile of the property. These are the averages.

AVERAGE $/MONTH

AVERAGE $/SF

1-BED 2-BED 3-BED 4-BED

$1,713

$2.19

$2,160

$2.26

$2,607

$1.93

$2,960

$1.80

COMPARABLE RENTS

ADDRESS Type Price/Month Notes

3 MONMOUTH 1-bed / 1 bath $1,800 2nd floor 1-bed

25 ATHERTON 2-bed / 1 bath $2,500 Renovated schoolhouse

74 ALPINE 3-bed / 1 bath

$2,700 2-level

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