Market Analysis Study Hendries Apartments 131 Eliot Street, Milton

Transcription

March 13, 2013
Market Analysis Study
Hendries Apartments
131 Eliot Street, Milton, MA
Picture of Hendries Property
Prepared For:
131 Eliot Street LLC
Prepared By:
Lynne D. Sweet
LDS Consulting Group, LLC
233 Needham Street
Newton, MA 02464
617-454-1144
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Table of Contents
EXECUTIVE SUMMARY .................................................................................................................................. 4
OVERVIEW................................................................................................................................................ 4
PROJECT SUMMARY .................................................................................................................................. 4
METHODOLOGY ....................................................................................................................................... 4
CONCLUSIONS ................................................................................................................................................. 6
SITE AND LOCATION ................................................................................................................................ 6
EMPLOYMENT .......................................................................................................................................... 6
DEMOGRAPHICS ....................................................................................................................................... 6
COMPETITIVE FACILITY RENTAL ANALYSIS .............................................................................................. 7
PLANNED RENTAL HOUSING ................................................................................................................... 8
CAPTURE AND ABSORPTION..................................................................................................................... 8
SITE DESCRIPTION ....................................................................................................................................... 10
REGIONAL AREA OVERVIEW - BOSTON .................................................................................................. 10
COMMUNITY .......................................................................................................................................... 11
SITE AND NEIGHBORHOOD DESCRIPTION............................................................................................... 13
TOWN OF MILTON AFFORDABLE HOUSING PRODUCTION PLAN ............................................................ 15
DEMOGRAPHICS ........................................................................................................................................... 16
EMPLOYMENT ........................................................................................................................................ 16
UNEMPLOYMENT ................................................................................................................................... 20
WAGES ................................................................................................................................................... 21
EDUCATION ........................................................................................................................................... 22
POPULATION GROWTH .......................................................................................................................... 22
POPULATION BY AGE ............................................................................................................................. 23
HOUSEHOLDS ......................................................................................................................................... 24
HOUSING UNITS ..................................................................................................................................... 25
HOUSING TENURE .................................................................................................................................. 25
RENT BURDENED .................................................................................................................................... 26
MEDIAN HOUSEHOLD INCOME .............................................................................................................. 26
FORECLOSURES ...................................................................................................................................... 27
COMPETITIVE ANALYSIS: EXAMINATION OF MULTIFAMILY RENTAL HOUSING .................... 28
SUMMARY CHART OF COMPETITIVE FACILITIES ..................................................................................... 29
COMPETITIVE FACILITY SUMMARY DESCRIPTIONS ................................................................................. 31
PLANNED OR UNDER CONSTRUCTION MULTIFAMILY RENTAL .............................................................. 38
RENTAL COMPARISON CHARTS ............................................................................................................. 39
CHART OF AFFORDABLE UNITS IN THE STUDY AREA: ............................................................................ 43
COMMUNITY AND UNIT AMENITIES ....................................................................................................... 43
COMPARISON OF UNIT AMENITIES ......................................................................................................... 44
COMPARISON OF FEES AND POLICIES ..................................................................................................... 47
DEMAND, CAPTURE AND ABSORPTION ................................................................................................ 48
FOUNDATIONS FOR GROWTH: HOUSING SUPPLY IN 2020....................................................................... 48
AGE IN INCOME QUALIFIED CONSUMERS ............................................................................................... 48
ABSORPTION .......................................................................................................................................... 49
OTHER MATTERS .......................................................................................................................................... 51
POSSESSION ............................................................................................................................................ 51
CERTIFICATION ...................................................................................................................................... 51
WORKS CITED ........................................................................................................................................ 51
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EXHIBIT 1 SITE PICTURES............................................................................................................................ 54
EXHIBIT 2 UTILITY ALLOWANCE MHA ................................................................................................... 55
EXHIBIT 3 COMPETITIVE FACILITY WORKSHEETS.............................................................................. 56
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Executive Summary
Overview
131 Eliot Street LLC (the “Developer”) hired LDS Consulting Group, LLC to provide market
research services in connection with their planning efforts to create 72 units of mixed income
rental housing at 131 Eliot Street, Milton, Massachusetts (the “Subject Property”).
The purpose of our research is to examine the location of the development, provide a
competitive rental analysis to determine what rents can be achieved, as well as provide
information on unit finishes and amenities, and common area amenities. We also examined
certain demographics to assist with a basic supply side analysis. The study will be used to
assist in permitting and financing efforts of 131 Eliot Street LLC to develop the Subject Property.
Project Summary
The Developer has proposed to build a 72 unit mixed income rental development land that is
currently improved by the former Hendries factory. The property will have a unit mix of 75%
market rate units and 25% affordable units for households earning at or below 80% of Area
Median Income (“AMI”) or 54 market and 18 affordable units. All of the units will have two
bedrooms and two bathrooms with 54 averaging approximately 1,160 square feet and 12 corner
units averaging approximately 1,360 square feet and 6 handicapped accessible units averaging
1,300 square feet. Some units will benefit from River Views. The property will be served by
public water and sewer and contain one new construction six-story elevator buildings with 63
parking spaces under the building and 12 surface parking spaces. Kitchens will have wood
door cabinets, stainless steel front appliances, ceramic tile floors and Formica countertops. They
will include a stove, refrigerator, microwave, dishwasher and disposal. One bathroom will
have a tub and the other a shower stall. Bathrooms will have tile baths and floors. Unit floors
will be wood. There will be a common laundry room on each floor and the lower level will
offer a community room and exercise room. All units will be pre-wired for cable and internet
access. Tenants will be responsible for paying for gas heat, gas hot water and electricity. The
proposed rent is as follows:
Table 1
Affordable
# Units
Baths
Size
Net Rent
Two Bedroom - Market
36
2
1,160
$1,950
Two Bedroom - Market
12
2
1,360
$2,105
Two Bedroom - Market - HA
6
2
1,300
$2,105
Two Bedroom - Affordable
18
2
1,160
$1,334*
*+$138 utility allowance
Methodology
The information in this study was compiled after reviewing demographic information, speaking
with the present and proposed competition in the market, and interviewing area municipalities.
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This report is reflective of the data, market conditions and conclusions considered at this point
in time. The information furnished by others is believed to be reliable. However, no warranty is
given for its accuracy.
We examined six new rental developments that offer market rate rental housing in Milton and
surrounding communities. Our conclusions are based on site visits and comprehensive review
of these facilities.
We looked at such factors as location, rental rates, occupancy rates, facility age and amenities.
Examining demand is not as simple and by no means an exact science. History has shown that
factors such as proximity to major highways, retail and/or public transportation influence the
choices of potential residents, as well as employment in the area, rental costs and amenities.
Therefore, we look at these factors along with various demographics in order to determine
supply.
For some of our demographics, we examined Milton. Boston and Massachusetts, as well as a
half mile ring around the Subject Property, the Primary Market Area (“PMA”). The main target
market for this rental product is persons ages 25-45. This product will also be desirable to
single parent households, empty nesters and the elderly.
Figure 1
Map of PMA – 5 Mile Ring in Red
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Conclusions
Site and Location
The Subject Property is ideally located on the Neponset River and next to the Trolley line. It is
on the edge of a residential neighborhood next to walking trails and the shops at Lower Mills
which will be attractive to young professionals. It is truly a smart growth location in walking
distance to supermarkets, dry cleaners, banks, restaurants and clothing stores. Across the river
from Dorchester, the commute into Boston is less than a half hour by public transportation and
major north south route 93 is a two mile drive. The redevelopment of the former Hendrie’s
building will reduce a large contributor to blight in this area and add to the growing character
of the area.
Employment
The City of Boston is not as vulnerable to large shifts in employment due to its strong healthcare
and higher educational industries. The economy of Metropolitan Boston is primarily driven by
high technology, finance, professional and business services, defense, and educational and
medical institutions. One study indicated that in November 2008, private and public colleges
and universities in the metropolitan Boston area employed 92,300 people. The Metropolitan
Area Planning Council (MAPC) estimates employment projections for the City of Boston and
100 other member communities. The total increase in employment for Boston from 2010 to 2020
is projected to be 34,000 jobs, a growth of 6.3%, according to the MAPC over a 10 year period.
Some of the largest employers in the area include Massachusetts General Hospital with more
than 11,000 employees; Brigham and Women’s Hospital with more than 8,000 employees;
Fidelity Investments with more than 8,000 employees and Boston University with more than
7,400 employees. In addition, local higher educational institutions have seen substantial
increases in undergraduate and graduate enrollment in the past decade, with one regional
policy planner suggesting an increase of 20,000 new graduate students in greater Boston in the
past decade.
Demographics
The target market for this type of luxury rental apartment community is typically young
professionals between the ages of 25-45, early retirees or divorcees. The demographic indicators
are positive for new apartment development and include a growing population, falling
unemployment, job growth and a highly educated workforce. According to Esri projections,
the age groups 25 through 34 and 35 through 44, the target audience for the Subject Property,
are expected to increase by 18% and 9% respectively from 2010-2017. The 55-65 year old
population, reflecting the aging baby boomers is also projected to grow significantly.
Milton at $110,754 has a relatively high median income as compared to the Massachusetts
average of $73,930. If we assume an average one bedroom rent of $1,875 in Milton represents
20% of median household income and we assume an average of $2,200 rent for a two bedroom
unit, rent represents 22% of median household income. The large number of one and two
person households compared to the small number of 1 and 2 bedroom housing units suggests
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that many households may be over housed and may indicate a need for smaller housing units
as proposed at the Subject Property.
Competitive Facility Rental Analysis
We examined six properties: three in Dorchester, two in Quincy, and one in Roxbury. All are
located within 4.5 miles of the Subject Property, three are located in the PMA and three are
located outside the PMA. There are a total of 739 units, with an average of 123 units, a high of
280 and low of 62. There are 113 affordable units and 626 market rate units. The average
building age is six years old, and all but one property was built in 2007 or later. The average
occupancy of market rate units is 97%. Average occupancy of 95% or greater is an indicator
that demand outweighs supply and it reflects a need for additional units. It is also important to
note that there are few, if any, concessions, and those being given are minimal. Managers have
also been reporting rental rate increases in most of the facilities over the past five years of $50$200 a unit. These are other indicators of demand.
The majority, 52% of the competitive units are one-bedroom units, and 46% are two-bedroom
units. Of the three properties in the PMA, 60% are one bedroom units and 38% are two
bedroom units.
Neponset Landing in Quincy is the most amenity-rich as it is the only community with a pool,
while Oliver Lofts (which is mostly affordable) has the fewest community amenities. All but one
property has garage parking available. All properties allow at least cats if not dogs as well and
all have elevators and access to walking trails. Most include high-end finishes, central air
conditioning, microwaves and disposals, d in unit washer and dryers in their market rate units,
with the exception of Rosecliff which does not have high-end finishes and Baker Chocolate
which does not have in unit washer and dryers.
All of the properties include one parking space, and additional surface parking space rent
ranges from $35 to $80, while garage parking space rent ranges from $25 to $110. Baker
Chocolate is the only property that does not offer additional spaces to rent or garage parking.
All of the properties are pet friendly at least for cats, and all but one charge monthly pet rent.
Only Oliver Lofts offers excess storage.
For both unit types, our rental analysis of the Subject Property rents show that they are below
the competitive averages, even after adjustments. One advantage the Subject Property will
have over some of its competitors is that it offers two full baths, one with tub and one with a
shower stall.
Given the high occupancy of affordable units and lengthy wait lists for affordable units, we
conclude that the Subject Property proposed affordable rent is achievable.
We ranked the proposed Subject Property against it competitors for Community, Location,
Public Transit Access, Highway Access, Unit Amenities and Facility Amenities. Based on our
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analysis, the Subject Property will be very competitive with the current available properties,
and in some cases more appealing. The only negative on the Subject Property is the lack of in
unit washer and dryers.
Planned Rental Housing
We contacted planning officials in the City of Milton planning office and at the Boston
Redevelopment Authority (BRA) to learn of any planned or permitted new multifamily rental
housing in the PMA that may be competitive to the Subject Property. According to the BRA,
nothing new is coming online in the Dorchester/ Mattapan area that would be similar to the
Subject Property.
There are two developments in Milton that potentially could be competitive to the Subject
Property including 30 market rate units at 50 Eliot Street, which has been permitted and 276
mixed income units on Brush Hill Road which has just filed for Chapter 40 B site eligibility. It
will be important to learn the pricing and amenities on the Eliot Street site when it becomes
available, and monitor the lease up. The Brush Hill Road site is on the other side of town and
could be on the same time line.
Capture and Absorption
The developer would only have to capture 4% of the households ages 25-44, the average target
population for the Subject Property, in the PMA according to the 2010 census and only 3% in
2017 according to projections, showing a growing population. This is a very narrow study area.
As we learned in our competitive research, many tenants come from outside the SMA, and
often outside the state. The Subject Property will also be attractive to older householders
including single parent households, empty nesters and retirees. It will be especially attractive to
older persons due having an elevator and one level living.
Another way of looking at this is to identify households ages 21 and over, earning from $50,000$150,000 a year. We identified over 919 households in the PMA this category in 2012 and 1,103
in estimate in 2017 according to Esri estimate. We subtracted out the 230 new market rate units
in the PMA and the Developer would have to capture only 8% of this population in 2012 and
6% in 2017 of this age and income qualified population to fill the 52 market rate units at the
Subject Property.
It is important to note that this study took place in February, traditionally one of the slowest
leasing times of year, not to mention that there has been three weeks’ worth of weekend snow
storms. In spite of that, the average occupancy of the competitive market rate units we studied
is 97% and minimal incentives are being offered. Based on the lease up in South Weymouth, we
believe that lease-ups are going back to pre-2009 trends of 10-20 units per month. Given the
ideal location of this property and that it will be priced lower than its competition, we believe it
is reasonable to assume absorption of 12 units per month with full occupancy to be achieved in
six months of certificate of occupancy.
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It will be important to keep an eye on the two planned development and to work towards an
opening towards the spring and summer months as November-February are the most difficult
times to try to find tenants.
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Site Description
Figure 2
Location Map Showing Subject to Major Roadways and Boston
Regional Area Overview - Boston
Boston is the capital of and largest city in Massachusetts, and is one of the oldest cities in the
United States. The largest city in New England, Boston is regarded as the unofficial "Capital of
New England" for its economic and cultural impact on the entire New England region. The city
proper had a population of 617,594 according to the 2010 U.S. Census. Boston is also the anchor
of a substantially larger metropolitan area called Greater Boston, home to 4.5 million people and
the tenth-largest metropolitan area in the country. Greater Boston as a commuting region, is
home to 7.6 million people, making it the fifth-largest Combined Statistical Area in the United
States.
Boston is surrounded by the "Greater Boston" region and is bordered by the cities and towns of
Winthrop, Revere, Chelsea, Everett, Somerville, Cambridge, Watertown, Newton, Brookline,
Needham, Dedham, Canton, Milton, and Quincy. The Charles River separates Boston proper
from Cambridge, Watertown, and the neighborhood of Charlestown. To the east lies Boston
Harbor and the Boston Harbor Islands National Recreation Area.
With many colleges and universities within the city and surrounding area, Boston is an
international center of higher education and a center for medicine. The city's economy is also
based on research, electronics, engineering, finance, and high technology—principally
biotechnology. As a result, the city is a leading finance center, ranking 12th in the Z/Yen top 20
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Global Financial Centers. The city was also ranked number one for innovation, both globally
and in North America. Boston has been experiencing gentrification, and has one of the highest
costs of living in the United States, though it remains high on world livability rankings, ranking
third in the US and 37th globally (Wikipedia).
Figure 3
Map showing the boundaries of the Town of Milton
Community
The Town of Milton is located in Norfolk County, Massachusetts and was first settled as an
agricultural community but soon developed into a prominent mill community by the 1700s.
Incorporated in 1662, it was the site of the original factory and headquarters of Baker Chocolate,
one the largest chocolate manufacturers and distributors today. Today it is a suburban
commuter community of Boston. Milton is bordered by Boston to the north and by Randolph to
the south, Canton to the west, and Quincy to the east. The center of Boston Proper is 8 miles
northwest. Milton has a land area of 13.28 square miles, and had a population of 27,003 as of the
2010 Census, with a density of 1,999 residents per square mile. In 2011, Money Magazine
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named Milton as number 2 on its annual list of “Best Places to Live in the United States.”
(Wikipedia, 2012). Notable commercial areas of the town include Milton Village, East Milton
Square, and Lower Mills (Town of Milton, 2012).
Recreation
The Blue Hills Reservation extends into parts of Quincy, Braintree, Canton, Randolph, Dedham,
and the southern part of Milton. The area is the largest conservation land within a major
metropolitan area, and provides numerous opportunities for recreational activities, including
walking and hiking trails, camping sites, fishing, boating, ice skating, skiing, a meteorological
observatory, and designated sports playing fields. There is also a museum, the Blue Hills
Trailside Museum, which has historic and wildlife exhibits for visitors. Great Blue Hill, on the
reservation, is the highest point in Norfolk County. Milton also has a small boating club, the
Milton Yacht Club, located in the Lower Mills area (DHCD Community Profiles- Milton).
Curry College, a small private liberal arts university founded in 1879, is located in Milton. It
offers 20 undergraduate programs and four graduate programs, most notably education and
teacher training programs. Curry has an average enrollment of approximately 4,100 students,
and employs 750 faculty and staff members (Curry College, 2013).
Schools
There are six public schools in Milton that enroll a total of approximately 4,000 students
including four elementary schools, Pierce Middle School, and Milton High School. There are
also two private schools located in Milton: Milton Academy, a coed K-12 prepatory school, and
Fontbonne Academy, a girls-only Catholic high school (Town of Milton, 2012) (MA DOE, 2012).
Milton is served by Milton Hospital, an 83-bed affiliate of Beth Israel Deaconess Medical Center,
in addition to being easily accessible to the numerous high-quality medical institutions in the
City of Boston.
Highways and Transportation
Milton is within the Boston-Cambridge-Quincy Metropolitan Statistical Area, and is served by
Interstates 93 and 95, and Routes 1, 3, 28, 138, and 203. The MBTA serves the Town through
commuter rail, subway, and bus lines. The closest commuter rail stations are Fairmount or
Morton Street, both part of the Fairmount Line, located just over the Boston border in Hyde
Park and Mattapan, and it is approximately a 12-16 minute ride from each to South Station in
Boston. There are 33 parking spaces at the Hyde Park station. The Fairmount Line runs from
6:00am to 10:45pm Monday through Friday. The MBTA Red Line Ashmont/Mattapan High
Speed Line trolley system has stops in Milton, including one at Central Ave immediately
adjacent to the Subject Property. The trolley runs every 5-9 minutes during rush hour, every 12
-26 minutes during off-peak and on weekends, and connects to the Red Line subway at
Ashmont Station, which takes riders into Boston and points west and north (MBTA, 2013).
Logan International Airport is approximately 7 miles as the crow flies, and is easily accessible
via MBTA public transit or via I-93. It is the largest airport in New England, with over 30
commercial airlines flying to numerous domestic and international destinations.
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Site and Neighborhood Description
The Subject Property is located at 131 Eliot Street, Milton, at the intersection of Eliot Street and Central Avenue, and is the site of the
former Hendrie’s Ice Cream Factory and Restaurant. The original building, which opened in 1930 as a factory, expanded to include a
restaurant in the 1940s, and closed sometime in the 1990s, is still standing on the site and has been vacant since the company moved.
The site is in the Northwest part of Milton in the Lower Mills neighborhood, bordering the Boston neighborhoods of Dorchester and
Figure 4
Areial View of Site – red oval is approximate location
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Mattapan, and is adjacent to the Neponset River and walking trails of the Neponset River
Reservation. The Lower Mills neighborhood is a historic section of Dorchester that is
characterized by large former mill brick buildings lining the Neponset River. Known as Lower
Mills Village, this area is a short walk from the Subject Property via the Neponset River Trail
and a footbridge. Due to the renovation of most of these buildings into condominiums and
multifamily housing, the neighborhood is experiencing an increase in population and
businesses “similar to that in Milton Village” (Irons, 2008). There is also “plenty of green space.”
The intersection of Adams Street and Washington Street, and the area of Adams Street between
Washington and Eliot, now has numerous businesses including gourmet cafes and restaurants,
clothing boutiques, a Bank of America, US Post Office Branch, a salon, a True Value Hardware
Store, photography and wedding businesses, a Dunkin Donuts, the Milton Hill Sport and Spa
gym, and antiques stores. Many of these businesses are small and locally owned, and there is a
Lower Mills Merchant Association that helps to attract new businesses (Irons, 2008). A marina
on Wharf Street, off Adams Street, allows for travel on the river into Quincy or Boston Harbor.
Directly across Central Street from the site is a dry cleaners and laundromat facility, and an
automotive repair shop with a parking lot. Eliot Street is a two-way street starting from Adams
Street and running east-west. After the intersection with Central Street and the Subject Property,
it narrows and becomes mainly single-family residential homes. Central Avenue is a wider,
more frequently travelled two-way street. The area where Central Ave and Eliot Street meet is a
wide intersection that is a four-way stop for vehicles, with pedestrian-friendly wide sidewalks
and crosswalks. New restaurants, like The Plate Café, Steel and Rye restaurant, and Radio
House Coffee located here bring lots of foot traffic in addition to the MBTA stop. There is also a
liquor store and a bakery. The redevelopment of the former Hendrie’s building will reduce a
large contributor to blight and add to the growing character of this square.
Shaw’s supermarket is less than a half mile away from the Subject Property on River Street, and
there is a Sunoco gas station on Central Street approximately a quarter mile from the Subject
Property, on the other side of the river. There is a Lower Mills branch of the Boston Public
Library located at 27 Richmond Street, a half-mile walk from the Subject Property.
Interstate 93, which runs north-south through Boston, is accessible approximately two miles
from the Subject Property, via a ramp from Adams Street. The MBTA Ashmont-Mattapan High
Speed Line borders the property on the north side, and the Central Ave stop of this line is
located on the north side of the site. The High Speed Line travels six stops in Milton and
Mattapan between Mattapan Center and Ashmont Station, and runs every five to nine minutes
during peak hours and 12 to 26 minutes during off peak hours. From Ashmont station, riders
can access the Red Line subway into South Station and Park Street, as well as points west and
north of the City. Via a footbridge bridge over the Neponset River, the Milton High Speed Line
stop in Lower Mills is also accessible, less than a quarter-mile walk. The MBTA Bus 240, going
between Avon and Holbrook and Ashmont Station, runs along Central Ave, and stops at the
Central Ave station approximately every 15-20 minutes.
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Please see Exhibit 1 which includes pictures of the Subject Property site.
Town of Milton Affordable Housing Production Plan
The Town of Milton Housing Affordable Housing Production Plan from February 2006 has a
number of provisions that will be supported by this development including:
ID3. Housing Production:
Support Smart Growth
• Look to areas of town that could accommodate higher housing densities and mixeduses such as sites that are closer to business areas, transit stations and other areas with
concentrations of nonresidential uses.
Distribute and Diversify New Production
• Develop a number of project alternatives in recognition of a range of housing needs in
town including rental and homeownership options as well as housing for seniors,
families and those with special needs.
• Encourage mixed-income development to minimize stigmas associated with
concentrations of low-income units.
I E. Summary of Use Restrictions
As has been indicated in various sections of this Housing Plan, the town of Milton should be
committed to maintaining the affordability of units for as long a period as possible. Affordable
units to count on the Subsidized Housing Inventory must serve households with incomes no
greater than 80% of the area median income for which the unit is located. Units must be subject to
use restrictions or re-sale controls to preserve their affordability as follows:
• Alternatively, a term of perpetuity is encouraged for both new construction and for
rehabilitation.
IV. B. Private Properties
During 2004, the Town of Milton conducted a planning process in the preparation of its
Community Development Plan that was prepared by the Metropolitan Area Planning Council
(MAPC). This process involved a number of public forums to obtain feedback from residents on
affordable housing strategies as well as potential properties that might be considered for
incorporating some amount of affordable housing on privately owned properties. Those
properties that were identified with the number of votes are set out in the Appendix.
The Hendries site is listed in the Appendix under “Opportunities”.
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Demographics
For purposes of this study, we have defined the Study Area as the one half mile radius
surrounding the Subject Property location at 131 Eliot Street, Milton, MA (the Primary Market
Area “PMA”). We also examined data for the Town of Milton, the City of Boston and the
Commonwealth of Massachusetts for certain demographics.
We analyzed data from the United States Census Bureau and American Community Survey
(ACS), and we ran Esri reports to obtain additional information about the Study Area. Esri is a
data source that relies on the 2010 Census and 2009 ACS and uses the information, along with
other factors, to project future demographics. It estimates data for 2012 and projects to 2017.
The ACS is a nationwide survey designed to provide communities with a fresh look at how they
are changing. It is a critical element in the Census Bureau’s reengineered decennial census
program. The ACS collects and produces population and housing information every year
instead of every 10 years.
Employment
The economy of metropolitan Boston is primarily driven by high technology, finance,
professional and business services, defense, and educational and medical institutions. The
health care industry employs far more people than any other industry in the City of Boston.
Twenty inpatient hospitals are located in Boston and the site is less than a mile from LMA as
noted in the community section. In 2007 the City of Boston had 115,341 health services jobs.
Several studies have examined the impact of Boston area colleges and universities on the
Massachusetts economy. One study indicated that in November 2008, all private and public
colleges and universities in the metropolitan Boston area employed 92,300 people (Appleseed,
2012).
According to the City of Boston, approximately 40% of all persons working in Boston live in
Boston. According to the US Census via Wikipedia, average pay for civilian workers in the
Boston-Worcester-Lawrence-Maine-Connecticut CMSA was the fifth highest among all
metropolitan areas in 2010 (Wikipedia, 2012). The high average income coupled with the large
number of institutional jobs provides Boston with a better foundation for job retention than
other areas of the country.
Some of the largest employers in the area include Massachusetts General Hospital with more
than 11,000 employees; Brigham and Women’s Hospital with more than 10,000 employees;
Fidelity Investments with more than 8,000 employees and Boston University with more than
7,400 employees.
The Metropolitan Area Planning Council (MAPC) estimates employment projections for the
City of Boston and 100 other member communities. From 2010 to 2035, the number of jobs in
Boston is expected to grow by 58,000 to 603,000, an increase of approximately 11%, according to
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the MAPC. The Service Sector is the largest sector of employment in Boston with 419,196 jobs in
Boston as of 2010. This sector is expected to grow 11.9% from 2010 to 2035, a higher growth rate
than the total employment in Boston. Retail employment is expected to grow 10.2% and Basic
employment is expected to grow 4% (Metropolitan Area Planning Council, 2010). From 2010 to
2020 the number of jobs in Boston is projected to grow by 34,109 jobs, a growth of 6.3%. The
service sector makes up the bulk of this growth with a projected growth of 7% or 29,143 jobs.
The basic employment sector is expected to grow by 2.1%, or 1,470 jobs, and the Retail sector is
expected to grow by 6.1%, or 3,496 jobs. The following chart shows employment projections
for the City of Boston.
Table 2
EMPLOYMENT PROJECTION
2010
2020
Percent
Change
2030
2035
579,187
Change
20102020
34,109
Total
545,079
Basic
Percent
Change
603,393
Change
20102035
58,314
6.3%
597,282
68,711
70,181
1,470
2.1%
70,937
71,493
2,782
4.0%
Retail
57,172
60,668
3,496
6.1%
62,571
63,018
5,847
10.2%
Service
419,196
448,339
29,143
7.0%
463,774
468,882
49,686
11.9%
10.7%
Source: Metropolitan Area Planning Council
The top 10 employers in Boston by number of employees are shown on the following chart (MA
Dept of Labor, 2012). Only the top ten employers were displayed in this chart because there
were approximately 59 employers with employee counts of 1,000 to 4,999, and those employers
are listed in alphabetical order within that grouping, therefore, a list of the top 25 employers
would potentially not be accurate.
Table 3
TOP TEN EMPLOYERS IN BOSTON
Company Name
Address
City
State
Number of employees
Brigham & Women's Hospital
Francis St # Asb2
Boston
MA
10,000+
Massachusetts General Hospital
Fruit St # 410
Boston
MA
10,000+
Boston University School of
Medicine
Boston University
E Concord St
Boston
MA
5,000-9,999
Silber Way
Boston
MA
5,000-9,999
Children's Hospital Boston
Longwood Ave # Fegan10
Boston
MA
5,000-9,999
Fidelity Investments Life Ins
Devonshire St
Boston
MA
5,000-9,999
John Hancock Life Insurance Co
Clarendon St
Boston
MA
5,000-9,999
John Hancock Variable Life Ins
Clarendon St
Boston
MA
5,000-9,999
Liberty Mutual Group Insurance
Berkeley St
Boston
MA
5,000-9,999
New England Sinai Hospital
Washington St
Boston
MA
5,000-9,999
Source: MA Department of Labor
17 | P a g e
In addition, all of the top ten employers listed above are also included in the top 18 employers
within the Boston NECTA region. Eighteen employers were chosen because, as is with the top
ten employers, after these 18, there were many more employers with employee counts ranging
from 1,000 to 4,999 employees, and reducing that list would allow for potential inaccuracies
(MA Dept of Labor, 2012).
Table 4
TOP EMPLOYERS IN BOSTON NECTA REGION
Company Name
Address
City
State
Brigham & Women's Hospital
Francis St # Asb2
Boston
MA
Number of
employees
10,000+
Harvard University
Garden St
Cambridge
MA
10,000+
Massachusetts General Hospital
Fruit St # 410
Boston
MA
10,000+
Alcatel-Lucent
Osgood St
North Andover
MA
5,000-9,999
Boston University School of Medicine
E Concord St
Boston
MA
5,000-9,999
Boston University
Silber Way
Boston
MA
5,000-9,999
Children's Hospital Boston
Longwood Ave # Fegan10
Boston
MA
5,000-9,999
EMC Corp
South St
Hopkinton
MA
5,000-9,999
Fidelity Investments Life Ins
Devonshire St
Boston
MA
5,000-9,999
Harvard University
Massachusetts Ave
Cambridge
MA
5,000-9,999
John Hancock Life Insurance Co
Clarendon St
Boston
MA
5,000-9,999
John Hancock Variable Life Ins
Clarendon St
Boston
MA
5,000-9,999
Laboratory For Nuclear Science
Massachusetts Ave # 26-505
Cambridge
MA
5,000-9,999
Liberty Mutual Group Insurance
Berkeley St
Boston
MA
5,000-9,999
MA Institute of Technology
Massachusetts Ave
Cambridge
MA
5,000-9,999
Mass General For Children
Highland Ave
Salem
MA
5,000-9,999
MIT-Research Lab-Electronics
Massachusetts Ave
Cambridge
MA
5,000-9,999
New England Sinai Hospital
Washington St
Boston
MA
5,000-9,999
Source: Executive Office of Labor and Workforce Development
As of December 2012, Milton had a labor force of 14,161 workers, according to the Mass.
Department of Labor and Workforce Development (MALWD). While Milton is included in the
employment area of Greater Boston, and many workers in Milton most likely commute to jobs
in the City of Boston, there are significant employers located in the Town. Among the top
employers by size are Curry College, Beth Israel Deaconess Hospital, Milton public schools, and
Milton Academy. The following table lists the top ten employers located in Milton:
Table 5
Company Name
Beth Israel Deaconess Hospital
Milton Medical Office Building
Curry College
18 | P a g e
Address
City
Reedsdale Rd
Reedsdale Rd
Blue Hill Ave
Milton
Milton
Milton
State
MA
MA
MA
Number of
employees
500-999
500-999
250-499
Company Name
Address
City
Number of
employees
State
Milton Academy Admissions
Centre St
Milton
MA
250-499
Medical Record Assoc Inc
Milton Healthcare
Boulevard St
Brush Hill Rd
Milton
Milton
MA
MA
100-249
100-249
Milton High School
Gile Rd
Milton
MA
100-249
Pierce Middle School
Central Ave
Milton
MA
100-249
Wollaston Golf Club
Randolph Ave
Milton
MA
100-249
Coldwell Banker
Adams St # 1
Milton
MA
50-99
Source: MALWD
According to Census data the majority of workers in the PMA, 52%, and in Milton, 51%,
travelled less than 30 minutes to work each day in 2010, shown in the table below. Given the
accessibility to MBTA trolley and subway services from Milton into Boston, the majority of
these workers are most likely employed in the City of Boston, or the immediate surrounding
area.
Table 6
Travel Time to Work (Workers Age 16+)
PMA
Number
Milton
Percent
Number
Massachusetts
Percent
Number
Percent
Total Commuters
2,635
Less than 15 minutes
326
12.4%
2396
20.8%
799,765
26.0%
15 to 30 minutes
1061
40.3%
3,415
29.6%
1,018,994
33.1%
30 to 45 Minutes
675
25.6%
3,208
27.8%
673,533
21.9%
45 to 60 minutes
321
12.2%
1,551
13.4%
288,978
9.4%
More than 60 minutes
253
9.6%
965
8.4%
299,508
9.7%
11,535
3,080,778
The most common occupation for workers, according to the 2006-2010 ACS, is Management,
Business, Science, and Arts. One third of the workers in the PMA and approximately 44% of the
workers in Milton have this type of occupation. The second most prevalent occupation is
Service, with 27% of the working population in the PMA and 21% in Milton, similar to Boston
and higher than the state overall (ACS 2006-2010, 2010).
Table 7
Occupation
PMA
Civilian employed population 16
years and over
Management, business, science,
and arts occupations
Service occupations
19 | P a g e
Milton
Boston
Massachusetts
Number
2,835
Percent
Number
12,787
Percent
Number
317,842
Percent
Number
3,271,535
Percent
956
33.7%
5,642
44.1%
142,468
44.80%
1,400,638
42.80%
776
27.4%
2,617
20.5%
68,760
21.60%
541,505
16.60%
Occupation
PMA
Sales and office occupations
Natural resources, construction,
and maintenance occupations
Production, transportation, and
material moving occupations
Milton
Boston
Massachusetts
Number
695
Percent
24.5%
Number
695
Percent
5.4%
Number
72,815
Percent
22.90%
Number
790,915
Percent
24.20%
112
4.0%
741
5.8%
13,575
4.30%
241,318
7.40%
299
10.5%
437
3.4%
20,224
6.40%
297,159
9.10%
Source: 2006-2010 ACS
Unemployment
The unemployment rate (not seasonally adjusted) in Milton was 4.9% in December 2012,
according to the Massachusetts Executive Office of Labor and Workforce Development. That is
lower than both the rate for the City of Boston and the statewide unemployment rate, which
were 5.7% and 6.6% respectively, during the same time period. As shown below in the table
and figure, the unemployment rate has generally remained steady since May 2012 in Milton ,
and was consistently lower than the rates for Boston and the state. It increased 0.4% higher than
December 2011 (Labor and Workforce Development, 2012).
Table 8
Unemployment Rates- Most Recent 13 Months
Month
Year
Milton
Boston
Massachusetts
December
2012
4.9
5.7
6.6
November
2012
4.5
5.5
6.1
October
2012
4.9
5.5
6.2
September
2012
5.2
6.6
6.4
August
2012
5.0
7.1
6.4
July
2012
5.2
6.2
6.6
June
2012
4.9
6.3
6.3
May
2012
4.2
6.7
5.8
April
2012
4.4
7.4
5.9
March
2012
4.1
7.3
6.4
February
2012
5.0
7.9
7.5
January
2012
5.1
7.8
7.7
December
2011
4.5
6.9
6.6
Source: Executive Office of Labor and Workforce Development
Table 9
Average Annual Unemployment
20 | P a g e
Year
Milton
Boston
Massachusetts
2012
4.8
6.2
6.5
2011
5.5
7.1
7.4
Average Annual Unemployment
Year
Milton
Boston
Massachusetts
2010
6.7
8
8.3
2009
7
7.6
8.2
2008
4.3
5.1
5.4
2007
3.6
4.4
4.5
2006
4.1
4.9
4.8
2005
3.8
5.2
4.8
2004
4.2
5.6
5.1
2003
4.5
6.4
5.8
Figure 5
Annual Unemployment Rates
9.00
8.50
8.00
7.50
7.00
6.50
6.00
5.50
5.00
4.50
4.00
Milton
Boston
Massachusetts
Wages
The average weekly wage in Milton as of the Second Quarter 2012 was $910, according to the
Bureau of Labor Statistics. While that is a $53 increase from First Quarter 2012, it is lower than
the average weekly wages for both Boston, Quincy, Cambridge Area (“BCQ”) and the state
during the same time. (Labor and Workforce Development, 2012).
Table 10
Average Weekly Wages
21 | P a g e
Milton
BCQ
Massachusetts
Second Qtr 2012
$910
$1,273
$1,109
First Qtr 2012
$857
$1,454
$1,227
Education
The next chart shows the population by educational attainment for the PMA, Milton and
Massachusetts. . As of 2009, 56% of the population 25 and over in the PMA had gone on to
higher education after high school, compared to 77% in Milton and 61% in the state. Milton has
a higher proportion of residents who have earned advanced degrees than the proportion in the
PMA and the state (Esri, 2000 - 2010).
Table 11
Educational Attainment
PMA
Total Population Age 25 and Over
Less than 9th Grade
9th to 12th grade, no diploma
High school graduate, GED, or alternative
Some college, no degree
Undergraduate degree
Graduate or professional degree
Doctorate degree
Milton
3,721
17,280
237
6.4%
339
194
5.2%
640
1,215
32.7%
2852
511
13.7%
2286
877
23.6%
6643
606
16.3%
4021
82
2.2%
499
Source: 2009 ACS via Esri
Massachusetts
2%
4%
17%
13%
38%
23%
3%
4,416,135
217,790
296,592
1,200,061
698,933
1,292,283
615,090
95,386
4.9%
6.7%
27.2%
15.8%
29.3%
13.9%
2.2%
Population Growth
We examined short term population growth from 2000-2010 in the PMA, Milton and
Massachusetts according to the US Census and Esri as follows:
Table 12
Population Growth
2000
2010
Change 2000-2010
Number
Percent
2012
2017
Change 2012-2017
Number
Percent
PMA
5,242
5,073
-169
-0.33%
5,307
5,818
511
1.86%
Milton
26,062
27,003
941
0.36%
27,144
27,622
478
0.35%
Massachusetts
6,349,097
6,547,629
198,532
0.31%
6,606,895
6,757,192
150,297
2.3%
Source: 2010 Census via Esri
The population in the PMA decreased by less than one percent from 2000 to 2010, while the
population in Milton and state increased slightly. Esri projects that from 2012 to 2017 the PMA
will see approximately 2% growth in population, similar to the state (Esri, 2000 - 2010).
MAPC makes long term population projections and projects a 3% increase in Milton’s
population from 2010 to 2035, illustrated below (Metropolitan Area Planning Council, 2010).
Table 13
MAPC Population Projections- Milton
2000
Population
26,062
2010
26,299
2020
26,317
2030
26,708
2035
27,000
Change 2010-2035
Number
Percent
700
2.7%
Source: MAPC MetroFuture
22 | P a g e
Population By Age
We also examined short term population growth by age. As of 2010, population age groups 25
through 64 made up the majority of the population in the PMA. According to Esri projections,
the age groups 25 through 34 and 35 through 44, the target audience for the Subject Property,
are expected to increase by 18% and 9% respectively from 2010-2017. The 55-65 year old
population, reflecting the aging baby boomers is also projected to grow significantly. (Esri,
2000 - 2010).
Table 14
Population Growth by Age- PMA
2010
2012
2017
Change 2010-2017
Number
Percent
Number
Percent
Number
Percent
Number
Percent
Age 0 - 4
302
6.00%
314
5.9%
346
5.9%
44
14.6%
Age 5 - 9
309
6.1%
319
6.0%
348
6.0%
39
12.6%
Age 10 - 14
324
6.4%
334
6.3%
370
6.4%
46
14.2%
Age 15 - 19
326
6.4%
325
6.1%
341
5.9%
15
4.6%
Age 20 - 24
277
5.5%
296
5.6%
296
5.1%
19
6.9%
Age 25 - 34
680
13.4%
726
13.7%
801
13.8%
121
17.8%
Age 35 - 44
737
14.5%
752
14.2%
804
13.8%
67
9.1%
Age 45 - 54
763
15.0%
772
14.5%
781
13.4%
18
2.4%
Age 55 - 64
721
14.2%
787
14.8%
895
15.4%
174
24.1%
Age 65 - 74
356
7.0%
395
7.4%
518
8.9%
162
45.5%
Age 75 - 84
200
3.9%
204
3.8%
229
3.9%
29
14.5%
Age 85+
77
1.5%
83
1.6%
90
1.5%
13
16.9%
Source: Esri data and projections
Additionally, MAPC estimates indicate that while the population groups over age 65 will have
the greatest relative increase in Milton between 2010 and 2035, the population group aged 30 to
39 will increase as well, shown below. Population ages 25 to 50 is projected to constitute 28% of
the total population in Milton by 2035 (Metropolitan Area Planning Council, 2010).
Table 15
Population Growth by Age- MAPC Projections Milton
1990
2000
2010
2020
2030
2035
00-04
1,745
1,640
1,218
1,194
1,177
1,178
Change 2010
- 2035
-3.3%
05-09
1,670
1,832
1,369
1,223
1,232
1,244
-9.2%
10-14
1,487
2,064
1,954
1,763
1,786
1,805
-7.6%
15-19
1,718
1,959
2,081
1,850
1,753
1,760
-15.4%
20-24
1,910
1,301
1,528
1,420
1,291
1,285
-15.9%
25-29
1,610
1,037
1,221
1,374
1,206
1,143
-6.4%
30-34
1,840
1,496
1,152
1,334
1,275
1,201
4.3%
35-39
2,224
1,981
1,188
1,047
1,135
1,189
0.1%
23 | P a g e
Population Growth by Age- MAPC Projections Milton
1990
2000
2010
2020
2030
2035
40-44
1,931
2,231
2,061
1,624
1,852
1,951
Change 2010
- 2035
-5.3%
45-49
1,413
2,295
2,696
2,201
2,136
2,134
-20.9%
50-54
1,160
1,860
2,200
2,068
1,710
1,565
-28.9%
55-59
1,205
1,222
1,715
1,956
1,601
1,422
-17.0%
60-64
1,319
910
1,477
1,740
1,634
1,582
7.1%
65-69
1,268
960
1,261
1,728
2,003
2,113
67.5%
70-74
1,083
987
955
1,496
1,827
1,964
105.6%
75-79
969
901
748
906
1,243
1,411
88.8%
80-85
683
698
702
629
976
1,123
60.0%
85+
490
688
787
769
865
921
16.9%
Source: MAPC MetroFuture data
Households
Similar to the growth in population, the number of households from 2000 to 2010 increased very
slightly, less than one percent, or 68 households in the PMA and 292 households in Milton. The
number of households is expected to increase in the PMA by 240 between 2012 and 2017, a
higher relative increase than Milton but lower than the estimate for the state (Esri, 2000 - 2010).
Table 16
Household Growth
2000
2010
Change 20002010
Number Percent
2012
2017
Change 20122017
Number Percent
PMA
2,070
2,138
68
0.32%
2,239
2,479
240
2.06%
Milton
8,982
9,274
292
0.32%
9,332
9,527
195
0.41%
Massachusetts
2,443,580
2,547,075
103,495
0.42%
2,566,908
2,637,121
70213
2.7%
MAPC projects that the number of households in Milton will increase by 6.6% from 2010-2035.
This is more than twice what they are projecting for population increase. It could reflect the fact
that there will be smaller household formation.
Table 17
MAPC Household Projections- Milton
2000
Households
8,981
2010
9,096
2020
9,292
2030
9,588
2035
9,693
Change 2010-2035
Number
Percent
596
6.6%
Source: MAPC MetroFuture
24 | P a g e
Most households in the PMA, approximately 60%, are made up of one or two people, according
to Census data. That is higher than the percentage for the town of Milton, where 50% of
households are less than three persons.
Table 18
Household Size
PMA
Milton
Massachusetts
Total Households
2137
9,274
2,547,075
1 Person
31.9%
23.0%
28.7%
2 Person
28.3%
28.6%
31.9%
3 Person
18.1%
17.9%
16.4%
4 Person
12.0%
18.0%
13.9%
5 Person
5.7%
8.2%
5.9%
6 Person
2.4%
3.1%
2.0%
7 or more Person
1.5%
1.3%
1.1%
Housing Units
According to Census data, approximately 80% of the housing units in Milton have three or
more bedrooms. Just 13% are two bedroom units. When compared to the above data on
household size that shows a majority of one and two person households in the Study Area, this
is an indicator that many residents may be over housed and there is a demand for smaller
housing units.
Table 19
Units by Bedroom
Milton
Number
Percent
Total:
9,702
No bedroom
31
0.3%
1 bedroom
615
6.3%
2 bedrooms
1,255
12.9%
3 bedrooms
4,096
42.2%
4 bedrooms
2,559
26.4%
5 or more bedrooms
1,146
11.8%
Source: 2006-2010 ACS
Housing Tenure
The table below shows the tenure of occupied housing units in the Study Area. There is a higher
proportion of renter households in the PMA, 46% or 981 households, than in Milton or the state,
according to Census estimates.
25 | P a g e
Table 20
Housing Tenure
PMA
Milton
Number
Percent
Number
Total Occupied Housing Units
Owner Occupied
2,138
1,157
54.1%
9,274
7,642
Renter Occupied
981
45.9%
1,632
Massachusetts
Percent
Number
Percent
82.4%
2,547,075
1,586,828
62.3%
17.6%
960,247
37.7%
Rent Burdened
Rent burden describes the monthly rent cost as a percentage of monthly gross income.
Households that pay more than 30% of their monthly income towards rent are considered rent
burdened, while households that pay over 50% are considered severely rent burdened,
according to the US Department of Housing and Urban Development. The percentage of rent
burdened households, 50%, in Milton is similar to that of the state, 48%. However, 32% of
renter households in Milton are severely rent burdened, significantly higher than the state (ACS
2006-2010, 2010). This indicates an immediate demand for affordable housing.
Table 21
Rent Burdened Households
Milton
Number
Massachusetts
Percent
Number
Percent
Total Renter Households
1,618
Rent Burdened
807
49.9%
437,874
47.7%
Severely Rent Burdened
522
32.3%
224,067
24.4%
Not computed
54
3.3%
49,329
5.4%
917,936
Source: ACS 2010
Median Household Income
According to Esri estimates, the median household income in 2012 for the PMA was $60,124,
approximately $50,000 lower than that of Milton. However, this is expected to increase 16.2% by
2017, as shown in the table below, which is much higher than the relative increase projected for
Milton, 5.6% (Esri, 2000 - 2010). If we assume an average one bedroom rent of $1,875 in Milton
represents 20% of median household income and we assume an average of $2,200 rent for a two
bedroom unit, rent represents 22% of median household income.
Table 22
Median Household Income
2012
2017
PMA
$60,124
$69,868
Milton
$110,754
$116,934
Massachusetts
$62,403
$73,930
Source: Esri
26 | P a g e
The majority of households, 41%, in the PMA earned between $50,000 and $150,000 in 2012,
compared to 47% in Milton, shown in the table below.
Table 23
Households by Income
2012
2017
PMA
Milton
PMA
Milton
Total Household Base
2,239
9,332
2,479
9,527
Less than $15,000
12.6%
5.5%
12.3%
4.7%
$15,000 - $24,999
8.2%
4.9%
6.8%
3.6%
$25,000 - $34,999
8.3%
4.0%
6.9%
3.0%
$35,000 - $49,999
12.4%
5.9%
10.4%
4.5%
$50,000 - $74,999
17.0%
11.1%
16.1%
9.4%
$75,000 - $99,999
11.1%
10.8%
14.4%
12.9%
$100,000 - $149,999
13.0%
25.6%
14.1%
26.3%
$150,000 - $199,999
7.4%
13.2%
8.8%
15.4%
$200,000 and over
10.0%
19.2%
10.3%
20.2%
Source: Esri
Foreclosures
While we did not examine homeownership as part of this study, we did want to note that
according to MHP Foreclosure Monitor has noted area with the high rates of foreclosures in
Dorchester. We looked at these areas and they are not located in the PMA and are North and
East of Morton Street, quit far away from the site.
27 | P a g e
Competitive Analysis: Examination of Multifamily Rental Housing
The evaluation of a potential project requires an analysis of the current and planned rental
housing. This section discusses the competitive environment that presently exists in the market
for large scale market rate rental housing built in the past decade. Providers were analyzed
with regard to location, product type, unit size, inventory, occupancy and amenities. We
concentrated our research on developments in the PMA and Roxbury, and Quincy. This
information is based on site visits, internet research and interviews with on-site personnel.
We examined six properties: three in Dorchester, two in Quincy, and one in Roxbury. All are
located within 4.5 miles of the Subject Property, three are located in the PMA and three are
located outside the PMA. There are a total of 739 units, with an average of 123 units, a high of
280 and low of 62. There are 113 affordable units and 626 market rate units. The average
building age is six years old, and all but one property was built in 2007 or later. The average
occupancy of market rate units is 97%. Average occupancy of 95% or greater is an indicator
that demand outweighs supply and it reflects a need for additional units. It is also important to
note that there are few, if any, concessions, and those being given are minimal. Managers have
also been reporting rental rate increases in most of the facilities over the past five years of $50$200 a unit. These are other indicators of demand.
The chart below shows how we have ranked each facility against the subject property. The
equal sign means the same, the – means ranking below the Subject and + means ranking above
the Subject. Based on our analysis, the Subject Property will be very competitive with the
current available properties, and in some cases more appealing. The only negative on the
Subject Property is the lack of in unit washer and dryers.
Table 24
Ranking Facilities against
Subject
Community
Location
Public
Transit
Access
Highway
Access
Unit
Amenities
Facility
Amenities
Lofts at Lower Mills
-
=
=
=
+
=
Baker Chocolate Factory
-
=
=
=
=
=
Schoolhouse at Lower Mills
-
=
-
=
+
=
Neponset Landing
-
-
-
+
=
+
Rosecliff
-
-
-
+
-
+
Oliver Lofts
-
-
=
=
=
=
The chart on the next page show a summary of each of the developments we studied. We have
also attached full competitive worksheets for each of the largest competitors as Exhibit 2.
28 | P a g e
Summary Chart of Competitive Facilities
Table 25
Address
Community
Distance
(miles)
Year Built/
Renovated
Style
# Total
Units
Market
Occupancy
Concessions
1245 Adams St
Dorchester
0.3 NE
2010
Renovated historic
brick lofts
77
100%
None
1220 Adams St
Dorchester
0.3 NE
2009
Renovated historic
brick lofts
133
93%
$250 discount on March
rent for new 2-bed lease;
Security deposit special
40 River Street
Dorchester
0.2 N
2008
Re-use of historic
building; clapboard
multi-story
62
100%
None
2 Hancock St
Quincy
2 NE
2007
Brick High-rise
280
96%
None
Rosecliff
790 Willard St.
Quincy
3.4 SE
1999
Multiple Clapboard
buildings
123
95%
Security Deposit Special
Oliver Lofts
166 Terrace St
Roxbury
4.2 N
2011
Renovated historic
brick lofts
64
100%
None
1.7
2007
739
97%
Development
Neponset Landing
Average/Total
29 | P a g e
Figure 6
Map of competitive properties in relation to the Subject Property
The chart below shows the number of units by unit type in each of the competitive facilities:
Table 26
Development
Community
Total
Dorchester
Neponset Landing
Rosecliff *
Oliver Lofts
Totals
Studio
1 BR
2BR
#
%
#
%
#
%
77
0
0
40
52%
37
48%
Dorchester
133
9
7%
83
62%
41
31%
Dorchester
62
0
0%
40
65%
22
35%
Quincy
Quincy
Roxbury
280
286
62
0
n/a
3
0%
n/a
5%
142
n/a
12
51%
n/a
19%
138
n/a
47
49%
n/a
76%
614
12
2%
317
52%
285
46%
*The unit breakdown was not provided for Rosecliff; therefore it is not included in totals to ensure
accurate percentages.
30 | P a g e
Of the facilities that reported, this chart shows that they all consist of studio, one, or two
bedroom units, with very few studios. The majority, 52%, are one-bedroom units, and 46% are
two-bedroom units. Of the three properties in the PMA, 60% are one bedroom units and 38%
are two bedroom units.
Competitive Facility Summary Descriptions
The following pages are detailed information about each property we studied:
The Schoolhouse at Lower Mills Apartments consists of 62 units in a renovated historic school
building connected to a new construction four-story clapboard building with an elevator. It is
located at 40 Rive Street in Dorchester, approximately 0.2 miles north of the Subject Property as
the crow flies, across the Neponset River. Built in 2007 as for sale condominiums, the Dolben
Company took over management in 2008 and converted the units to rentals. It is adjacent to
Shaw’s supermarket, and less than 0.5 miles to the MBTA Red Line trolley. There are 40 one
bedroom one bath units, some with dens, and 22 two bedroom, one bath units. Six of the units
are set aside for households earning up to 70% of AMI. The property has a fitness center, a
resident lounge with fireplace, on-site management, and is adjacent to the walking trails on the
Neponset River Reservation. Wireless internet is available in the common areas. The resident
lounge can be reserved for private parties for no cost. One surface parking space is included in
rent, and underground garage parking is available to rent. Units have high-end finishes
including granite countertops, wood cabinets, wood floors in kitchen and living room, ceramic
tile in bathrooms, stainless steel appliances, garbage disposal, and dishwasher. Washers and
dryers are located in every unit. Current market rents and unit sizes are shown in the table
below:
Table 27
Unit Description
#
Sq. Ft.
Low Rent
Rent Sq. Ft.
High Rent
Rent Sq. Ft.
1 BR 1 BA
40
822-949
$1,555
$1.89
$1,700
$1.79
938-967
$1,805
$1.87
N/A
N/A
829-1,204
$1,935
$2.33
$2,120
$1.76
1 BR 1 BA w/ den
2 BR 1 BA
31 | P a g e
22
According to management, market rate rents have increased approximately $50 to $60 over the
past five years. Both the market rate units and the affordable units are 100% occupied, and
turnover is approximately one unit every 90 days or 4 unit or 6% of units per year. Tenants pay
all utilities, except for water, sewer, and trash. Additional surface parking spaces are
$35/month, and garage parking is $100/month. A maximum of two pets per unit are allowed,
no deposit necessary but for a monthly rent of $35 per cat and $50 per dog. According to the
property manager, the property’s best feature is the luxury finishes and the engineered wood
floors. The building is in very good condition. Most of the tenants at the property are couples,
and are commuters to the city, given the proximity to the MBTA. There are not many students,
and most tenants tend to be between age 25 and 55. Most new tenants are local to Milton or
Boston and heard about the property through word of mouth or saw it driving by. The
manager also noted that many telephone requests lately have been for market rate one bedroom
or affordable two bedroom units (Megan, 2013).
The Lofts at Lower Mills is located approximately 0.3 miles northeast as the crow flies from the
Subject Property at 1243 Adams Street in the Lower Mills village section of Dorchester, adjacent
to the Baker Square Condominium complex. Renovations were completed in two phases in
2008 (60 units) and 2010 (17 units), creating a total of 77 units in three brick buildings; two sixstory and one three-story. It is an adaptive reuse of some of the mill buildings on the Neponset
River formerly part of the Baker Chocolate Factory complex. The Lofts are managed by Winn
Residential. Of the total units, eight affordable including two units for households earning up
to 80% of AMI, three for households earning 80%- 100% of AMI, and three for households
earning 100%- 120% of AMI. The property features a great room/resident lounge, a fitness
center, and access to the walking trails of the Neponset River Reservation. All of the buildings
and roadways are in new/excellent condition. There are one- and two-bedroom units with a
variety of floor plans. Sizes and current market rents for all units are shown in the table below.
32 | P a g e
Table 28
Unit Description
#
Sq. Ft.
Low Rent
Rent Sq. Ft.
High Rent
Rent Sq. Ft.
1 BR 1 BA
40
847-1,084
$1,700
$2.01
$2,011
$1.86
1 BR 1.5 BA
1,011 - 1,152
$1,700
$1.68
$1,994
$1.73
I BR 1.5 BA with den
1,153 - 1,833
$1,862
$1.61
$2,800
$1.53
1 BR 2 BA w/ loft
1,185 -1,827
$2,009
$1.70
N/A
$1.10
1,226 - 1,246
$2,028
$1.65
$2,350
$1.89
2 BR 2 BA w/ loft
1,394 - 1,756
$2,142
$1.54
$2,724
$1.55
2 BR 2 BA w/ den
1,153 - 1,620
$2,342
$2.03
$2,760
$1.70
2 BR 2.5 BA w/ lib
1,729
$2,500
$1.45
$2,760
$1.60
2 BR 2.5 BA Townhouse
1,500
$2,550
$1.70
$2,850
$1.12
2 BR 2 BA ext. liv room
1,833
$2,795
$1.52
$2,965
$1.62
2 BR 2.5 BA w/den
1,553 - 1,620
$3,400
$2.19
N/A
$2.10
2 BR 2 BA
37
Units are both flat and loft-style, and have high-end finishes, including granite counters, wood
cabinets, stainless steel appliances, washers and dryers in each unit, hardwood floors in living
areas, and shower stalls in addition to tubs in some units. Heat and hot water is included in
rent. One surface parking space is included in rent, and additional surface parking can be
rented for $80/month if available. There are 21 garage parking spaces available to rent for
$110/month. The market rate and affordable units are 100% occupied. Annual average turnover
is between 20%-25%. Since opening, average rent has decreased approximately $50 on the
larger units in order to reoccupy them.
Phase I of the property was fully leased within five months, with 46 units pre-leased at opening.
Pre-leasing marketing began in May 2008, approximately 6 months before the property
officially opened. Phase II was also leased within five months. It is important to note that the
lease up of this building took place in the heart of the economic downtown and while they were
offering one-two months off at that time, there are no incentives being offered today.
According to the property manager, one of the best features that attracts many tenants to the
property is the exposed brick in the units and historic character of the building, as well as
proximity to public transit. A majority of prospective tenants recently have been looking for
two-bedroom units (Keith, 2013) .
Baker Chocolate Factory Apartments
Baker Chocolate Factory Apartments are located at 1220 Adams Street in Dorchester, 0.3 miles
northeast of the Subject Property. The three historic brick buildings were built in the 1800s as
part of the original Baker Chocolate Factory, and were renovated in 2009 into 133 rental
apartment units. The property is managed by Beacon Communities, and is very accessible to the
commercial and retail amenities of the Lower Mills area. The facility has a fitness center,
elevators, access to the walking trails of the Neponset River Reservation, a picnic and grilling
33 | P a g e
area in a courtyard, and onsite management. There is no resident lounge or clubhouse, but
wireless internet is available in the lobby. Units have hardwood floors in the living areas, carpet
in the bedrooms, tile in the bathroom, stainless steel appliances, and Formica countertops. Some
units have a shower stall in addition to a tub. The development consists of 9 studio units, 83 one
bedroom units, and 41 two bedroom, one and a half bath units. Of the total, 34 units are set
aside as affordable, 27 available to households earning up to 60% AMI and 7 for households
earning up to 80% AMI. Current market rents and unit sizes are listed below:
Table 29
Baker Chocolate Apartments
Unit Description
#
Sq. Ft.
Low Rent
Rent Sq. Ft.
High Rent
Rent Sq. Ft.
Studio
11
506
$1,570
$3.10
$1,900
$3.75
1 BR 1 BA
60
590 - 696
$1,185
$2.01
$2,110
$3.03
2 BR 1.5 BA
31
749 - 1,069
$1,990
$2.66
$2,100
$1.96
Some units have views of the Neponset River and may rent at slightly higher rates depending
on availability and the time of year. As of this study, they were offering an incentive during the
month of February for $250 off March rent for a March 1st move-in. A maximum of two pets per
unit is allowed, cats and dogs under 40 lbs. There is no pet deposit or monthly rent for pets. One
surface parking space is included in rent, and there is no additional parking available. There is
not street parking readily available around the site. Washers and dryers are in two community
laundry rooms. Rent includes hot water, water, sewer, and trash, and tenants are responsible
for all other utilities. Occupancy is 93% for the market rate units and 100% for the affordable
units, with 120 applicants on the waitlist for an affordable unit. The building’s exterior and
interior are both in excellent condition. According to the leasing manager, the most desirable
features of the property are the historic nature of the building, no charge for pets, proximity to
the T and views of the river. Many new tenants come from out of state or from Boston, and the
majority are public transit commuters into the city. The manager noted that in the week prior to
this study, there had been six deposits for new leases and four of them were for two bedroom
units (Tierney, 2013).
34 | P a g e
Neponset Landing
Neponset Landing, located at 2 Hancock Street in Quincy, is a 280-unit, 12-story high-rise
building that was built in 2007. It is approximately 2 miles northeast as the crow flies from the
Subject Property, and is managed by the Dolben Company. The property has many amenities,
including a resident lounge and clubroom with large televisions, billards, a fully equipped
kitchen, a media/theater room, fitness center, dog walking services, and Zipcar rentals available
onsite. Residents can rent the lounge and adjoining kitchen for $100 for private events. There
are both residential and freight elevators as well, and washer and dryers are located in unit.
Management is located onsite. Units have high-end finishes, including granite countertops,
wood cabinets, stainless steel appliances, tile floors in the kitchen and bathrooms, and some
units have shower stalls in addition to tubs. Living rooms and bedrooms have wall-to-wall
carpeting. Of the total units, 142 are one bedroom units and 138 are two-bedroom units,
including some two-bedrooms that have balconies on the end. There are 28 units set aside for
households earning up to 80% AMI. One surface parking space is included with two-bedroom
units; otherwise, surface parking can be rented for $40/month. In addition to the surface
parking surrounding the building, there are approximately 100 covered spaces on the first two
stories that are available to rent for $70 per month. Current market rents and sizes are shown
below:
Table 30
Neponset Landing
Unit Description
1 BR 1BA
1 BR 1 BA w/den
#
142
2 BR 2 BA
2 BR 2 BA w/ den
2 BR 2 BA w/balcony
138
Sq. Ft.
Low Rent
Rent Sq. Ft.
High Rent
Rent Sq. Ft.
662 - 774
$1,710
$2.58
$2,109
$2.72
816 - 1,216
$1,902
$2.33
$2,776
$2.28
937 - 1,256
$1,946
$2.08
$2,978
$2.37
1,138 - 1,283
$1,888
$1.66
$2,369
$1.85
1,376 - 1,394
$2,181
$1.59
$3,174
$2.28
Rents have increased $50- $150 yearly since the property was built, and they are not offering
any incentives. Heat, hot water and air conditioning are included in rent, however tenants pay
water and sewer connection, which typically runs $25 - $35 monthly for a two-bedroom unit.
35 | P a g e
Cats and dogs are allowed, with some breed restrictions for dogs. Market rate units are 96%
occupied and affordable units are 100% with a waitlist of approximately 70 applicants. Average
yearly turnover is approximately 35%-40%. While the majority of the units have excellent views
of the Neponset River and the city of Boston due to the property’s location on Quincy Bay, it is
adjacent to the Neponset Bridge and therefore is not as easily accessible for pedestrians coming
from the main commercial area further down Hancock Street. There is a shuttle from the
property to the North Quincy MBTA Red Line station from 6:30a- 9am and 4:30pm - 7pm on
weekdays, approximately one mile away. The property manager noted that there are many
residents that use the MBTA to commute to Boston and it is an important feature of the
property. Residents at the property include a wide variety of single young professionals,
couples, and students at Boston area universities. Many new tenants move in who are from
outside of Massachusetts (Giovanni, 2013).
Rosecliff Apartments
Rosecliff Apartments are located at 760 Willard Street in Quincy, approximately 3.4 miles
southeast as the crow flies from the Subject Property, next to the Blue Hills Reservation and
near I-93. The property is managed by Equity Residential. The development was built in 1999,
and is made up of four buildings that have four or five stories each, with a total of 286 units. All
of the units are market rate. There is a community room, an indoor pool and an outdoor pool, a
small playground, fitness center, and access to the walking trails of the Blue Hills. Residents can
rent the community room for a refundable deposit of $500 and a charge of $250 per event. Units
have basic finishes, washer and dryer in units, walk-in closets, and balconies or patios. Some
have gas fireplaces. One surface parking space per unit is included, with ample additional
surface parking available at no charge. Garage parking is available for $25-$60 depending on
the location and time of year. Only cats are permitted as pets, a max of two per unit, for a
monthly rent of $30 per cat. Current rents and size of units are shown below:
36 | P a g e
Table 31
Unit Description
Sq. Ft.
Low Rent
Rent Sq. Ft.
High Rent
Rent Sq. Ft.
1 BR 1 BA
687 - 930
$1,421
$2.07
$1,605
$1.73
2 BR 1 BA
985
$1,675
$1.70
2 BR 2 BA
978 - 1,300
$1,750
$1.79
$2,130
$1.64
Rent includes water, sewer, and trash, and tenant is responsible for all other utilities. They are
not currently offering any incentives, except for a decreased security deposit special. The
property is 95% occupied, and turnover is approximately 40% of units yearly. Rents have
increased an average of $200 total over the past five years. Of all the properties we studied,
Rosecliff is the least accessible to public transit, although there is a bus line that goes to the Red
Line Quincy Center station. The leasing consultant noted that there is a wide variety of ages and
household sizes at the property, including singles, couples, families with children, and seniors,
and that residents commute equally into the city or locally to Quincy or Braintree (Alyssa, 2013).
Oliver Lofts
Oliver Lofts, located at 166 Terrace Street in the Roxbury neighborhood of Boston, is a fourstory, 62-unit redevelopment of a building built in the 1800s and gut renovated to rental
apartments in 2011. Oliver Lofts is approximately 4 miles north of the Subject Property. The
building provides tenants with underground garage parking ($100/month), but very little in the
way of amenities. The property does include an elevator and has a high-end level of finish
within the units, including granite countertops, stainless steel appliances and hardwood floors.
Forty-three units are affordable housing units, and 19 units are market rate. The affordable
units have an income limit of 60% AMI, and there are 8 units that are occupied by Section 8
voucher holders. The building is 100% occupied with a 100-person wait list for an affordable
housing unit. Currently there are no incentives offered to prospective residents. The market
rate units have an in-unit washer and dryer, while affordable units have a common laundry
facility within the building. Every unit, both market and affordable, have dishwashers and
37 | P a g e
garbage disposals. Fifty-six of the 62 units are apartment-style with six units designed as
townhouse-style. Heat, hot water and air conditioning are included in rent. Oliver Lofts has 15
one-bedroom, one-bath units, 39 two-bedroom one-bath units, 5 two-bedroom, two-bath
townhouses, and 3 two-bedroom two-bath one-den town houses. Current market rents and
sizes are listed below:
Table 32
Oliver Lofts
Unit Description
#
Sq. Ft.
Low Rent
Rent Sq. Ft.
High Rent
1 BR 1BA
15
678 - 1,036
$1,575
$2.32
$1,650
Rent Sq.
Ft.
$1.59
2 BR 2BA den TH
3
1,486 - 1,629
$2,425
$1.63
$2,550
$1.57
2 BR 1 BA
39
932 - 1,137
$1,830
$1.96
N/A
$1.61
2 BR 2 BA TH
3
1,330 - 1,550
$2,125
$1.60
$2,450
$1.58
2 BR 2BA TH w/ loft kitchen
2
1213
$2,175
$1.79
N/A
The Oliver Lofts Apartments are in an attractive building, recently renovated, and well kept.
The surrounding area to the north of the apartments is, somewhat blighted, with
industrial/light industrial businesses and some houses in disrepair. However, the area to the
southwest of the property, which includes Heath Square, is more welcoming. Across the street
from the apartments is a parking lot that is gated and used for employees of local businesses.
The area was pretty quiet, with few pedestrians and cars during the time we visited. There is
very little on-street parking around the building. According to management, the building was
fully leased within three months of opening, for the market rate units that would average six
units a month. (Brian, 2013).
Planned or Under Construction Multifamily Rental Housing
We contacted planning officials in the City of Milton planning office and at the Boston
Redevelopment Authority (BRA) to learn of any planned or permitted new multifamily rental
housing in the PMA that may be competitive to the Subject Property. According to the BRA,
nothing new is coming online in the Dorchester/ Mattapan area that would be similar to the
Subject Property.
There are two developments in Milton that potentially could be competitive to the Subject
Property, described as follows:
Sullivan and Company Real Estate is redeveloping the former Milton Hill House Apartments
complex at 50 Eliot Street, less than one quarter mile from the Subject Property. The project will
involve some new construction and some reuse of existing buildings into 30 market-rate rental
apartment units that will be a mix of one and two bedroom units, with parking available onsite.
Construction is expected to begin in Spring 2013, and be completed in Spring 2014. No other
information was available at this time such as unit size, rent, finisher and/or amenities. It is
anticipated that this development will have completed construction and be leased up prior to
the opening of the Subject Property,. It will be important, however, to monitor the lease-up
38 | P a g e
process of this project to anticipate demand for the Subject (Clark, 2013) (Sullivan and Co. ,
2013).
Mill Creek Residential, Inc., has applied for a site eligibility letter from MassHousing as of
February 27, 2013 for a comprehensive permit for a 276-unit mixed-income development on
Brush Hill Road, 4 miles south of the Subject Property. If permitted and built, this development
could be on a similar timeline as the Subject Property; however is in a very different location
near Route 128 and not as close to public transportation or community amenities (Clark, 2013).
Rental Comparison Charts
The next few pages include a comparison of the proposed rents by unit type and size of the
Subject Property to the two bedroom units at the competitive properties. The first table shows a
summary of all the two bedroom competitive units together, including average size and rent
and ranges of sizes and rents, and the next two show competitive units compared to those at the
Subject Property, broken down by similar size units. For the properties that include any
utilities, we have calculated utility adjustments to be comparable to the Subject based on utility
allowances provided by the Milton Housing Authority. In certain instances we noted when
they were included and when the tenant will pay an addition charge such as for domestic
water.
39 | P a g e
Table 33
Summary of All Two Bedroom Units in Competitive Facilities
# of
Bathrooms
# Of Diff.
Two -Bed
Floorplans
Avg.
Sq.
Ft.*
Avg. Rent*
Avg.
Rent Sq.
Ft.
Sq. Ft. Range
Rent
Range
Utilities
included in
rent
Utility
Adjustment
Incentives
Avg. with all
Adjustments
2- 2.5
7
1,512
$2,628
$1.74
1,153 - 1,833
$2,208 $3,400
H, HW
-$72
None
$2,556
1.5
1
909
$2,045
$2.25
749 - 1,069
$1,990 $2,100
HW
-$23
-$21
$2,001
Schoolhouse at
Lower Mills
1
1
1,017
$2,028
$1.99
829 - 1,204
$1,935 $2,120
None
$0
None
$2,028
Neponset
Landing
2
3
1,231
$2,423
$1.97
937 - 1,394
$1,946 $3,174
H, HW;
tenants pay
water/sewer
-$37
None
$2,386
1 -- 2
2
1,088
$1,852
$1.70
978 - 1,300
None
$0
None
$1,852
1 -- 2
4
1,325
$2,259
$1.70
932 - 1,550
H, HW
-$72
None
$2,187
Average
1,180
$2,206
$1.89
Subject
1,273
$2,207
$1.59
Facility
Lofts at Lower
Mills**
Baker Chocolate
Factory
Rosecliff
Oliver Lofts
$1,675 $2,130
$1,830 $2,550
$2,168
1,160 - 1,360
$1,950 $2,105
None
*Based on currently listed floor plans
**Includes loft-style units and/or townhouse style units
40 | P a g e
$2,027
Table 34
Units 900 - 1200 Square Feet
Two Bedroom Flat
# of
Bathrooms
Sq. Ft.
Rent
Rent Sq.
Ft.
Utility
included in
rent
Utility
Adjustment
Incentives
Bathroom
Adjustment
Avg. with all
Adjustments
Lofts at Lower Mills (w/
den)
2
1,153
$2,342
$2.03
H, HW
-$72
None
$0
$2,270
1.5
1,069
$2,350
$2.20
HW
-$23
-$21
$50
$2,356
Schoolhouse at Lower
Mills*
1
829
$1,935
$2.33
None
$0
None
$100
$2,035
2
937
$1,946
$2.08
H, HW;
tenants pay
water/sewer
-$37
None
$0
$1,909
2
1,138
$1,888
$1.66
H, HW;
tenants pay
water/sewer
-$37
None
$0
$1,851
2
978
$1,750
$1.79
None
$0
None
$0
$1,750
Oliver Lofts
1
1,137
$1,830
$1.61
H, HW
-$72
None
$100
$1,858
1,034
$2,006
$1.96
1,160
$1,950
$1.68
Neponset Landing
Neponset landing (w/ den)
Average
Subject
2
$2,004
None
*Included a floor plan less than 900 feet due to proximity to Subject Property
41 | P a g e
$1,950
Table 35
Units 1200 - 1,350 Square Feet
Utility
Rent Sq.
Rent
included in
Ft.
rent
Two Bedroom Flat
# of
Bathrooms
Sq. Ft.
Utility
Adjustment
Incentives
Bathroom
Adjustment
Avg. with all
Adjustments
Lofts at Lower Mills*
2
1,226
$2,028
$1.65
H, HW
-$72
None
$0
$1,956
1
1,204
$2,120
$1.76
None
$0
None
$100
$2,220
Neponset Landing
2
1,256
$2,978
$2.37
H, HW;
tenants pay
water/sewer
-$37
None
$0
$2,941
Neponset Landing (w/ den)
2
1,283
$2,369
$1.85
H, HW;
tenants pay
water/sewer
-$37
None
$0
$2,332
2
1,300
$2,130
$1.64
None
$0
None
$0
$2,130
Oliver Lofts (townhousestyle)
2
1,213
$2,125
$1.75
H, HW
-$72
None
$0
$2,053
Oliver Lofts (townhousestyle)
2
1,330
$2,175
$1.64
H, HW
-$72
None
$0
$2,103
2
1,259
1,360
$2,275
$2,105
$1.81
$1.55
Average
Subject
None
$2,248
$2,105
*Includes loft-style
**Baker Choc. not listed -does not have units larger than 1,069 sq. ft.
For both unit types, it shows that the proposed Subject Property rents are below the competitive averages, even after adjustments.
One advantage the Subject Property will have over some of its competitors is that it offers two full baths, one with tub and one with a
shower stall.
42 | P a g e
Chart of Affordable Units in the Study Area:
The chart below provides information about the affordable units in the multifamily buildings
that we studied since the Subject Property will have affordable units at 80% of AMI.
Table 36
Affordable Units
Facility
# Units by % of AMI
30%
Total
Affordable
Units
Affordable
Occupancy
Affordable
Waitlist
60%
80%
27
2
7
2
34
100%
100%
1 - 2 years
120
6*
6
100%
50
Neponset Landing
Rosecliff
Oliver Lofts
28
28
0
43
100%
N/A
100%
70
N/A
100
43
113
100%
340+
Total
43
0
70
*Affordable to households earning less than 70% AMI
There are a total of 113 affordable units in five of the six competitive properties that we studied;
Rosecliff does not have any affordable units. All of these units are 100% occupied with extensive
waitlists and wait times of at least one year. The majority, 70 units, of the affordable units are
self-pay units for households earning at or below 60%, due to all of the affordable units at
Oliver Lofts set aside at this level. The remaining 43 are affordable to households earning up to
80% AMI (including six at Schoolhouse at Lower Mills reserved for households earning up to
70%). Current rents for two bedroom units at 80% are listed below, in comparison to the
proposed affordable rents at the Subject Property:
Table 37
Affordable Two- Bedroom Rents
Schoolhouse at Lower Mills*
Neponset Landing
Average
Subject
80% Rent
$1,514
$1,414
$1,230
$1,314
$1,394
$1,368
Therefore, given the high occupancy of affordable units and lengthy wait lists for affordable
units, we think that the Subject Property affordable rent is achievable.
Community and Unit Amenities
The following tables show the community amenities available at each of the competitive
properties, and the amenities within each unit. Neponset Landing in Quincy is the most
amenity-rich as it is the only community with a pool, while Oliver Lofts (which is mostly
43 | P a g e
affordable) has the fewest community amenities. All but one property has garage parking
available. All properties allow at least cats if not dogs as well and all have elevators and access
to walking trails. Most include high-end finishes, central air conditioning, microwaves and
disposals, d in unit washer and dryers in their market rate units, with the exception of Rosecliff
which does not have high-end finishes and Baker Chocolate which does not have in unit washer
and dryers.
Table 38
Comparison of Community Amenities
Lofts at
Lower Mills
Garage Parking available
√
Close to Public Transportation
√
Baker
Chocolate
Factory
√
Schoolhouse at
Lower Mills
Neponset
Landing
Rosecliff
Oliver Lofts
√
√
√
√
√
√
Close to Highway Access
Club House/Great Room
√
WIFI In Clubhouse
Concierge Services
√*
√
√
√
√
√
√
√
√
√
√
√
√
Indoor Theater
√
√
Business Center
Fitness Center
√
√
√
√
Outdoor Pool
√
√
Indoor Pool
√
Excess Storage
√
Elevators
√
√
Picnic/Grill Area
√
√
Walking Trails
√
√
√
√
√
√
√
√
√
√
√
Tot Lot/Playground
√
√
Cat Friendly
√
√
√
√
Dog Friendly**
√
√
√
√
Total
10
8
10
13
√
√
12
7
*In lobby area
**Some breed and weight restrictions may apply
Comparison of Unit Amenities
Table 39
Unit Amenities Comparison
Lofts at
Lower Mills
Baker
Chocolate
Factory
Schoolhouse at
Lower Mills
Patio/Deck*
In unit W&D
√
9 foot ceilings
√
44 | P a g e
√
√
Neponset
Landing
Rosecliff
Oliver
Lofts
√
√
√
√
√
√
√
√
Unit Amenities Comparison
Lofts at
Lower Mills
Central Air
√
Baker
Chocolate
Factory
√
Schoolhouse at
Lower Mills
Neponset
Landing
Rosecliff
Oliver
Lofts
√
√
√
√
√
√
√
√
√
Fireplace*
Walk-in Closet*
√
Linen Closet*
√
√
√
√
Master Bed and Bath*
√
√
√
√
Ceiling Fan*
√
√
√
Tile Entrance
√
√
Kitchen Amenities
Ice Maker*
√
√
√
√
Microwave
√
√
√
√
Tile Backsplash
Garbage Disposal
√
√
√
√
√
√
√
√
√
√
Filtered Water*
√
Appliances
Stainless Steel
√
√
√
√
√
Black
White
√
Flooring
Wood
√
√
√
Tile
√
√
Linoleum
√
Countertops
Granite
√
Formica
√
√
√
√
√
Cabinets
Wood
√
√
√
√
Composite
√
√
Bathroom Amenities
Shower Stall*
√
√
√
√
√
Flooring
Tile
√
√
Linoleum
√
√
Bathroom Sink
Granite/Marble
√
Manufactured
Total High-end Features
√
√
√
17
11
√
√
15
18
8
*Not in all units
45 | P a g e
18
Fees for parking and pets and other details for each property are in the table below. All of the
properties include one parking space, and additional surface parking space rent ranges from
$35 to $80, while garage parking space rent ranges from $25 to $110. Baker Chocolate is the only
property that does not offer additional spaces to rent or garage parking. All of the properties
are pet friendly at least for cats, and all but one charge monthly pet rent. Only Oliver Lofts
offers excess storage.
46 | P a g e
Comparison of Fees and Policies
Table 40
Comparison of Community Fees and Policies
Fees and Policies
Amenity
Fee
Application
Fee
Parking
Included?
Additional
Surface
Space
Rent/Month
#
Garage
Parking
Spaces
Additional
Garage
Space
Rent/Month
Storage
Rent
Pet
Restriction
Pet
Deposit
Pet
Rent/
month
- Cat
Pet
Rent/
month
- Dog
Comm. Space
Rental
No
No
Y: One
surface
$80
21
$110
No
storage
Max 2 pets
$0
$35
$50
N/A
N/A
0
N/A
No
storage
$0
$0
$0
N/A
$0
$35
$50
No charge
$0
$35
$85
$100
Max 2,
cats and
dogs under
40lbs.
Max 2
pets, some
breed
restrictions
Max 2
pets, some
breed
restrictions
Baker Chocolate
Factory
No
No
Y: One
surface
Schoolhouse at Lower
Mills
No
No
Y: One
surface
$35
18
$100
N/A
No
Y: One
surface
with twobeds only
$40
100*
$70
No
storage
$0
N/A
$25 - $60
No
storage
Cats only,
max 2
$0
$30
N/A
$500
Refundable
deposit; $250
charge to rent
$60
13
$100 - $150
$50
Cats only,
max 2
$0
$20
N/A
N/A
Neponset Landing
No
Rosecliff
No
Yes
Y: One
surface
Oliver Lofts
No
No
Y: One
garage
47 | P a g e
Demand, Capture and Absorption
Foundations for Growth: Housing Supply in 2020
The Foundation for Growth created a working paper to project housing construction needs for
the state under a variety of possible economic scenarios through the year 2020 (Lindsay
Koshgarian; Lindsay Koshgarian, October 29, 2010). In their findings, they assumed that a
healthy vacancy rate is defined as the rate at which prices neither rise nor fall, and has been
estimated by the Harvard Joint Center for Housing Studies for the purposes of national housing
projections to be 1.5 percent for owner‐occupied housing and 7.4 percent for rental housing
(McCue, 2007). The report stated that rental vacancy rate should be close to 7.4 percent to avoid
unnecessary price inflation.
The report highlighted the following information:
• In 2008, Massachusetts had a shortage of 20,116 housing units statewide, if vacancy rates
needed for healthy markets are considered.
• In 2008, the Boston Metro region had a shortage of 14,343 units, reflecting shortages in
both single and multi-family housing units, and 10,330 for multi-family units alone.
• Rental vacancy rates were lowest for multi‐family housing in Massachusetts in Metro
Boston (4.5 percent).
• They forecasted population growth in Massachusetts from 2008-2020 to be 11.6% growth
for person’s age 25 to 34 year old.
• They forecasted for Massachusetts a gap in housing supply of 33,775 multi-family units,
including 20,651 in Greater Boston.
In addition Barry Bluestone, Director of Northeastern University's Urban and Regional Policy
recently cited 3 main sources of rent demand. The first has been the addition of over 20,000 new
graduate students in Greater Boston over the past 10 years. Unlike undergraduates, graduate
students are not provided housing and must compete in the residential rental market. Second,
the continuing mortgage crisis has artificially increased demand as first time home buyers, who
would qualify for mortgage financing and purchase homes, thereby relieving demand, continue
to rent. Among those that qualify for mortgages there is a fear of further reductions in home
values which has caused purchase hesitation. The third and final demand force that Bluestone
states is from the population who have lost their homes during the mortgage crisis and have
now jumped into the rental and are unlikely to return to the homeownership market in the near
term.
This information illustrates that there is increasing pressure on the rental market in greater
Boston and therefore increasing demand for rental housing units.
Age in Income Qualified Consumers
We identified over 1,417 households ages 25-44, the average target population for the Subject
Property in the PMA according to the 2010 census. In order to fill the 54 market rate units at
48 | P a g e
Subject Property, the Developer would have to capture just 4% of this population. In the year
2012 it is estimated to be 4% and in 2017, 3%, showing a growing population. This is a very
narrow study area. As we learned in our competitive research, many tenants come from
outside the SMA, and often outside the state. The Subject Property will also be attractive to
older householders including single parent households, empty nesters and retirees. It will be
especially attractive to older persons due having an elevator and one level living. In addition,
the Town of Milton has 5,377 households ages 25-44.
Another way of looking at this is to identify households ages 21 and over, earning from $50,000$150,000 a year. We identified over 919 households in the PMA this category in 2012 and 1,103
in estimate in 2017 according to Esri estimate. We subtracted out the 230 new market rate units
in the PMA and the Developer would have to capture only 8% of this population in 2012 and
6% in 2017 of this age and income qualified population to fill the 52 market rate units at the
Subject Property.
Absorption
There have only been a handful of new multi-family developments opening in Massachusetts in
the past three years due in large part to the economic downturn, and in small part to the
difficult regulatory environment in Massachusetts. We have been provided with the following
information on several developments that have been going through lease up in the past few
years as well as some older properties:
Southfield Commons in Weymouth
The property opened in February 2012 and had its first move in on March 31, 2012. The initial
lease up was excellent with an average of 20 move ins a month, and 50 in August. Since then,
things have slowed down with an average of 12 move ins a month but are nearly full after 10
months (John, 2012).
Lofts at Lower Mills, Dorchester
The building opened its 60 unit Phase 1 in 2008. The property was fully leased within five
months, with 46 units pre-leased at opening, for an average of 12 units a month. Phase II of 17
units opened in 2010 with was also leased within five months or 3 units a month. It is
important to note that the lease up of Phase II took place in the heart of the economic
downtown and while they were offering one-two months off at that time, there are no
incentives being offered today.
Oliver Lofts, Roxbury
This building came on line in 2011. According to management, the building was fully leased
within three months of opening, for the market rate units that would average six units a month.
The Oak Grove apartments in Melrose consist of a total of 550 units. Phase I achieved a
stabilized occupancy within two years with an average lease-up of 14.50 units per month.
49 | P a g e
Phase II commenced leasing in April 2009 and averaged 16.50 per month. Many of the leases
they signed were for 13-18 months, therefore they had little turnover during lease up.
Charles River Landing in Newton began pre-leasing its 350 units August 2009, and on-site
leasing began in January 2010. It took approximately one and a half years to reach the current
occupancy of 80% during an extremely challenging economic period. It also is not ideally
located. The manager reported that the facility absorbed the most units between May 2010 and
September 2010, leasing approximately 25 units per month. They have been leasing
approximately 5 units per month since then. He was less certain of leasing numbers during preleasing but estimated an average of 15 units per month.
Quarrystone at Overlook Ridge in Revere opened in March 2009. It contains 251 units and
achieved stabilized occupancy with 12 months, which equates to approximately 20 units per
month.
75 SL (Station Landing) in Medford is a 292 luxury apartment complex located next to the
Wellington MBTA Station. This property opened in April 2009 and was fully leased by April
2010, which equates to an average of 25 units per month.
Edgewood Apartments in North Reading opened in March 2008. This property contains 406
units, 102 of which are affordable to households earning less than 80% of the Area Median
Income. According to the property manager, these affordable units were leased almost
immediately and they continue to maintain a waitlist. With regards to the remaining 304 market
rate units, they achieved stabilized occupancy with 12 to 13 months, which equates to an
average lease-up of 23 to 26 units over month.
It is important to note that this study took place in February, traditionally one of the slowest
leasing times of year, not to mention that there has been three weeks’ worth of weekend snow
storms. In spite of that, the average occupancy of the competitive market rate units we studied
is 97% and minimal incentives are being offered. Based on the lease up in South Weymouth, we
believe that lease-ups are going back to pre-2009 trends of 10-20 units per month. Given the
ideal location of this property and that it will be priced lower than its competition, we believe it
is reasonable to assume absorption of 12 units per month with full occupancy to be achieved in
six months of certificate of occupancy.
It will be important to keep an eye on the two planned development and to work towards an
opening towards the spring and summer months as November-February are the most difficult
times to try to find tenants.
50 | P a g e
Other Matters
The information furnished by others is believed to be reliable. However, no warranty is given
for its accuracy.
Possession
Possession of this report, or a copy thereof, does not carry with it the right of publication. It
may not be used for any other purpose by any person other than the party to whom it is
addressed without the written consent of the author, and in any event only with the proper
written qualifications and only in its entirety.
Neither all nor any part of the contents of this report or copy thereof shall be conveyed to the
public through advertising, public relations, news, sales, or any other media without the
consent and approval of the author.
Certification
LDS Consulting Group, LLC certifies that is has no financial interest in the proposed the
Hendries Apartment development. LDS certifies that recommendations and conclusions are
based solely on professional opinion and best efforts.
Works Cited
2012 Income Limits. (n.d.). Retrieved 2012, from Mass Housing Partnership:
http://www.mhp.net/uploads/resources/2010_income_limits.pdf
Metropolitan Area Planning Commission. (2012).
Curry College. (2013). Retrieved March 1, 2013, from http://www.curry.edu/
ACS 2006-2010. (2010). American Community Survey. US Census.
Alyssa. (2013, February). Property Manager, Rosecliff Apartments. (C. Snow, Interviewer)
Appleseed. (2012). http://community.harvard.edu/economic_impact. Retrieved 6 19, 2012, from
www.harvard.edu:
http://community.harvard.edu/files/documents/HarvardSummary_Jan14-09.pdf
Brian. (2013, February). Property Manager, Oliver Lofts. (C. Snow, Interviewer)
Census, 2. U. (n.d.). 2010 US Census. Retrieved 10 2011
Clark, W. (2013, February). Planner, Town of Milton. (C. Snow, Interviewer)
DHCD Community Profiles. (n.d.). Retrieved 2011, from MA Department of Housing and
Community Development:
http://www.mass.gov/?pageID=ehedterminal&L=4&L0=Home&L1=Economic+Analysis
&L2=Executive+Office+of+Housing+and+Economic+Development&L3=Department+of+
Housing+and+Community+Development&sid=Ehed&b=terminalcontent&f=dhcd_profil
es_profiles&csid=Ehed
DHCD Community Profiles- Milton. (n.d.). Retrieved 2013, from MA Department of Housing and
Community Development:
http://www.mass.gov/?pageID=ehedterminal&L=4&L0=Home&L1=Economic+Analysis
&L2=Executive+Office+of+Housing+and+Economic+Development&L3=Department+of+
51 | P a g e
Housing+and+Community+Development&sid=Ehed&b=terminalcontent&f=dhcd_profil
es_profiles&csid=Ehed
Esri. (2000 - 2010). Census Summary . Retrieved February 2013, from Esri Business Analyst Data:
http://bao.esri.com
Giovanni. (2013, February). Assistant Property Manager, Neponset Landing. (C. Snow,
Interviewer)
Irons, M. (2008, October 5). "In Dorchester's Lower Mills, a continued ascent speeds up". Retrieved
March 1, 2013, from Boston Globe:
http://www.boston.com/news/local/massachusetts/articles/2008/10/05/in_dorchesters_lo
wer_mills_a_continued_ascent_speeds_up/
John, R. a. (2012, 12). Leasing Specialists. (L. a. CAS, Interviewer)
Keith, S. a. (2013, February). Property managers, Lofts at Lower Mills. (C. Snow, Interviewer)
Labor and Workforce Development. (2012, May). Labor Market Information. Retrieved May 10,
2012, from Massachusetts Department of Labor and Workforce Development:
http://lmi2.detma.org/lmi/lmi_es_a.asp
Labor and Workforce Development. (2012, May). Labor Market Information. Retrieved February
25, 2013, from Massachusetts Department of Labor and Workforce Development:
http://lmi2.detma.org/lmi/lmi_es_a.asp
Local Area Unemployment Statistics Bureau of Labor Statistics. (n.d.). Retrieved 2011, from
http://www.bls.gov/lau/home.htm
MA Dept of Labor. (2012). Largest 100 Employers in Boston. Retrieved June 19, 2012, from MA
Department of Labor:
http://lmi2.detma.org/lmi/Top_employer_list.asp?gSTFIPS=25&gCountyCode=000051&a
reatype=05&codeType=10&Command=Goto&Param=1
MA DL&WD. (2012, Ocrober ). Retrieved 2012, from Massachusetts Department of Labor and
Workforce Development: http://lmi2.detma.org/lmi/lmi_es_a.asp#IND_LOCATION
MA DOE. (2012). Mass DOE School Profiles- Milton. Retrieved 2013, from Massachusetts
Department of Education: http://profiles.doe.mass.edu/
MBTA. (2013). MBTA Fairmount and Red Line Info. Retrieved 2013, from Mass Bay Transit
Authority: http://www.mbta.com/schedules_and_maps
McCue. (2007). Updated 2010-2020 Household and New Home Demand Projections. Harvard Joint
Center for Housing Studies.
Megan. (2013, February). Property Manager, Schoolhouse Apartments. (C. Snow, Interviewer)
Metropolitan Area Planning Council. (2010). Population and Employment Projections. Boston:
MAPC.
Multiple Listing Service. (n.d.). Retrieved 2011, from http://h3m.mlspin.com/home.asp
Sullivan and Co. . (2013, February). (C. Snow, Interviewer)
Tierney, K. (2013, February). Leasing Consultant, Baker Chocolate Factory. (C. Snow,
Interviewer)
Town of Milton. (2012). About Milton. Retrieved March 2013, from Town of Milton Official Site:
http://www.townofmilton.org/Public_Documents/MiltonMA_WebDocs/about
52 | P a g e
Wikipedia. (2012). Highest-income metropolitan statistical areas in the United States. Retrieved June
21, 2012, from Wikipedia: http://en.wikipedia.org/wiki/Highestincome_metropolitan_statistical_areas_in_the_United_States
Wikipedia. (2012). Milton, MA. Retrieved March 1 2013, from Wikipedia:
http://en.wikipedia.org/wiki/Milton,_Ma
53 | P a g e
Exhibit 1 Site Pictures
54 | P a g e
View of intersection from Property over River
View of subject property building, corner of Eliot and Central Streets.
View from Central Street, other side of building and trolley stop.
Building and trolley stop.
Close up of ground floor.
View of side of building on Eliot street- former loading dock area.
South side of building on Eliot Street.
Looking west down Eliot, Subject on left.
View of intersection, subject on right.
Exhibit 2 Utility Allowance MHA
55 | P a g e
Apartment Development Comparable
Date Surveyed: 2/20/13
Property Identification
Property Name: Baker Chocolate Factory Apartments
Property Address: 1220 Adams Street, Dorchester
Contact/Title: Kayla
Management Company: Beacon Communities
Phone #: 617.296.1957
Construction Completion Date: 2009
Last Renovated?
What did they do?
Current Occupancy: Market Rate? 93%
Affordable? 100%
Wait List: Market Rate?
Affordable? 1-2 years
Particular Type of Unit?
Average Yearly Unit Turnover: About 50% last year
Change in rents over past five years: Not sure, increase for smaller units though
Property Description: Renovated historic 4-5 story brick factory buildings on Neponset River. Outside
façade has the same historic appearance. 11 studios, 60 one bedrooms, 31 two bedrooms. Finishes are highend, and laundry is community.
Location Description (Describe neighborhood, what do you see when you look out the window?): In lower
Mills village, adjacent to Lofts at Lower Mills and located along Neponset River. Small shops, boutiques
and restaurants, as well as a dunkin donuts. Less than a 5-minute walk to Milton High Speed Line trolley
stop.
Proximity to Area Amenities such as supermarket, restaurants: Located in Lower Mills village, within
walking distance to restaurants, Dunkin Donuts, cafes, boutiques, salon, Bank of America.
Building Description
# Stories: 4-5
# Buildings: 3
# Units Per Building:
Elevator: yes
Apartment Flat: 133 total
Town House Style:
Exterior: brick
Average Spaces included with unit: none
1
2
3
Surface Parking:
no additional parking spaces for rent, only one car per unit allowed.
Car Port: #
Garage:
Guest Spaces #
Condition of Buildings: Excellent
Roadways:
Good
Amenities: Good
Unit Rents/Square Footages
Unadjusted
Utility Adjusted
Unit Type
Studio
1 BR 1 BA
2 BR 1.5 BA
Aff. 2 BR 1.5 BA 80%
Aff. At 60%?
# of
units of
unit
type
11
60
31
Square
Ft.
506
Low
Rent
$1,570
$1,185
$1,990
$1,414
Low
Sq.
Ft.
590
749
High
Rent
$1,900
$2,110
$2,100
High
Sq.
Ft.
Low
Rent
Low
Sq.
Ft.
High
Rent
High
Sq.
Ft.
696
1,069
Other: Attic, Town
House, Loft
Utilities Included in Rent: Heat:___ (G/E) Hot Water:_x__ (G/E) Cooking:___ (G/E) Electricity:____
Central AC tenants pay for oil heat, electricity, etc, everything but hot water?
Other Charges:
Pet Deposit and Policy: Yes, cats and dogs under 40 lbs. no deposit, max 2 pets Amount?
Refundable?
Pet Rent: none
Amenity Fee: none
Application Fee: none
Other Fees:
Security Deposit: full months rent
Car Port
Garages
Excess Storage
Clubhouse rental no
Refundable?
Premium charge for short term lease?
Premium charge for upper floor units? For riverview units, slightly higher but depends on the type of unit
Other:
Current Specials/Incentives/Concessions: 2 Bedroom - $250 off March rent if move in before Mar. 1,
Security deposit special $500 instead of full months rent
How many or what % are affordable units? 34 units, 7 at 80% and 27 at 60%
What is the income limit for the affordable units (i.e. 25% at 80% of AMI):
Is there a wait list for the affordable units? Yes 1 -2 years wait
# Section 8 Voucher Units: yes accept
Community Amenities:
Club House/Great Room:
WIFI? Yes available in lobby
Concierge Services
Business Center
Fitness Center: yes
Pool (In door or outside, whirlpool?)
Sauna
Common washer and dryers: yes, two laundry suites
Excess Storage:
Indoor Theater: yes “media room”
DVD Library
Tennis Court
Basketball Court (indoor or outdoor)
Picnic/Grill Area: yes
Tot Lot/Playground
Jogging or Walking Path- close to Neponset River walking path
Bicycle Storage;
Community Restrictions:
Other:
Unit Amenities
Ceiling Height: 8 foot, 9 foot, vaulted? Yes loft style ceilings
Cable Ready? yes
Hi Speed Internet?
Blinds?
Window Treatments?
Unit Floor Materials:
Wall to Wall Carpet: in bedrooms and loft areas
Wood: living room
and kitchen
Oversize Closets?
Closet Organizers?
Linen Closet?
Washer/Dryer: Hook up, None, or in unit? None, only community laundry
Side by side ____ stacked_____ Gas___ Electric__
Fireplace:
Wood
Gas
How many units?
Kitchen:
Style: Galley:
Open Floor Plan: yes
Eat In:
Brand of Appliances:
Color?
Stainless:
Refrigerator:
Side by side? no
Ice maker? yes
Water Dispenser? no
Microwave: yes
Garbage Disposal: yes
Dishwasher: yes
Stainless Steel Sinks: all units
Floor Materials:
Vinyl:
Tile: engineered wood floor Color?
Counter Materials: Formica:
beveled edge formica
Granite:
Corian:
Color?
Cabinet Materials: Composite: yes
Wood:
Color?
Tile Backsplash:
Color?
Bathroom:
Floor Materials: Vinyl:
Tile yes ceramic
Color?
Sink Counter Materials: Formica/Composite? yes
Cultured Pearl?
Other?
Color?
Tub: yes
Color?
Soaking Tub:
Jacuzzi:
Shower Stall:
Composite or Glass Enclosure?
Other:
Who is your customer by percent?
High School Graduate?
Very very mixed demographics- cant say more than that
Recent Undergraduate College Graduate?
Recent Advanced Degree College Graduate?
Single?
# Males
# Females
Roomates?
Couples?
Age of Customer by percent?
24 and under
25-34?
35-44?
45-54?
55 and above
Where are they coming from by percent?
Milton a lot of out of state but many from boston area as well
Greater Boston
Boston
Somewhere else in MA
Out of state?
Out of the Country?
Where do they work by percent? Most commute to Boston
In Boston
Suburbs of Boston
Elsewhere in MA
Absorption and Lease-up info
Is the property currently in lease-up? Yes
Nox
# Months Pre-marketed
# Units reserved before construction
# Units reserved during construction
#Units Absorbed per month
Time Frame for entire absorption
Absorption (Units/Months)
Comments: Have had a lot of requests for two bedroom units- in the last week there have been 6
deposits from new tenants and 4 are for 2 bedroom units.
What is the best feature(s) of the facility? Parking, pet policy, exposed brick/loft architecture, views of
Neponset River, Milton trolley stop nearby, fitness center.
What would they change if they could?
Date Surveyed: 2/20/13
Property Name: Lofts at Lower Mills
Property Address: 1243 Adams Street, Dorchester
Contact/Title: Stephanie
Management Company: Winn Residential
Phone #: 617-833-5533
Construction Completion Date: Original building 1800s.
Last Renovated? 2008, 2010
What did they do? Renovation to apartments
Affordable? 100%
Wait List: Market Rate?
Affordable? At least one year
Mix but a lot of requests for two bedrooms
Average Yearly Unit Turnover: 20% to 25%
Change in rents over past five years: Decreased approx.. $56 due to trying to occupy larger units.
Property Description: Historic brick mill building, 77 units, adjacent to Neponset River and Baker Chocolate
condominiums. Garage parking underneath, surrounded by surface parking, looks very new.
Location Description (Describe neighborhood, what do you see when you look out the window?): Lower
Mills Village within walking distance, gym and spa next door, bank of america nearby
Proximity to Area Amenities such as supermarket, restaurants:
# Stories: 6 and 3
# Buildings: 2 connected
# Units Per Building: approx. 17 to 20, buildings connected
Elevator: yes
Apartment Flat: 77
Town House Style:
Exterior:
1
x
2
Surface Parking: one included, add’l for $80/month
Car Port: #
Garage: $110/month, 21 spaces split with condo building next door
Guest Spaces #
Condition of Buildings:
Roadways:
Amenities:
Unit Type
# of
units of
unit
Unadjusted
Low
Square
Low
Sq.
High
Ft.
Rent
Ft.
Rent
3
High
Sq.
Ft.
Utility Adjusted
Low
High
Low
Sq. High Sq.
Rent
Ft.
Rent
Ft.
type
1 BR 1 BA
1 BR 1.5 BA
I BR 1.5 BA with den
1 BR 2 BA w/ loft
2 BR 2 BA
2 BR 2 BA w/ loft
2 BR 2 BA w/ den
2 BR 2.5 BA w/ lib
2 BR 2.5 BA TH
2 BR 2 BA ext. liv room
2 BR 2.5 BA w/den
13
18
6
13
13
11
$1,700
$1,700
$1,862
$2,009
$2,028
$2,142
$2.342
$2,500
$2,550
$2,795
$3,400
847
1,011
1,153
1,185
1,226
1,394
1,153
1,729
1,500
1,833
1,553
$2,011
$1,994
$2,800
$2,350
$2,724
$2,760
$2,760
$2,850
$,2965
1,084
1,152
1,833
1,827
1,246
1,756
1,620
1,620
Other: Attic, Town
House, Loft
Utilities Included in Rent: Heat:_X__ (G/E) Hot Water:_X__ (G/E) Cooking:_X__ (G/E) Electricity:____
Central AC
Other Charges:
Pet Deposit and Policy: Yes, accept cats and dogs with breed restrictions, no deposit, max 2.
Refundable?
Pet Rent: $50/month per dog. $35, month per cat
Amenity Fee:
Application Fee:
Other Fees:
Security Deposit:
Car Port
Garages
Excess Storage
Clubhouse rental: there is a clubhouse available to residents but it is in separate building through other
management company?
Refundable?
Premium charge for upper floor units? Sometimes can be higher depending on view but not always,
depends on time of year and circumstance, demand, etc
Other:
Current Specials/Incentives/Concessions: none
How many or what % are affordable units? 8 units, 2 @80%, 3@100%, 3 @ 120%
Is there a wait list for the affordable units? Yes, wait time is at least one year
Club House/Great Room: yes
WIFI? Yes available
Concierge Services
Business Center
Fitness Center: yes
Sauna
Common washer and dryers: no
Excess Storage: yes
Indoor Theater:
DVD Library
Tennis Court
Picnic/Grill Area: yes
Tot Lot/Playground
Jogging or Walking Path yes
Bicycle Storage;
Other:
Unit Amenities
Ceiling Height: 8 foot, 9 foot, vaulted? High loft ceilings
Cable Ready?
Hi Speed Internet?
Blinds?
Window Treatments?
Wall to Wall Carpet: in bedrooms,
Wood: in living rooms
Oversize Closets?
Closet Organizers?
Linen Closet? yes
Washer/Dryer: Hook up, None, or in unit? In unit
Side by side ____ stacked__X___ Gas___ Electric__
Fireplace: no
Wood
Gas
How many units?
Kitchen:
Style: Galley:
Eat In:
Color?
Stainless: yes
Refrigerator:
Side by side? yes
Ice maker? yes Water Dispenser? yes
Microwave: yes
Dishwasher: yes
Stainless Steel Sinks: yes
Floor Materials:
Vinyl:
Tile:
wood Color? Dark brown
Granite: yes
Corian:
Color?
Cabinet Materials: Composite:
Wood: yes
Color? brown
Tile Backsplash: no
Color?
Bathroom:
Tile yes ceramic
Color?
Sink Counter Materials: Formica/Composite?
Cultured Pearl?
Other?
Color?
Tub:
Color?
Soaking Tub:
Jacuzzi:
Shower Stall: yes some
Composite or Glass Enclosure? glass
Other:
High School Graduate? mix
Recent Undergraduate College Graduate? mix
Recent Advanced Degree College Graduate? mix
Single? mix
# Males
# Females
Roomates? mix
Couples? mix
24 and under
25-34? mix
35-44? mix
45-54? mix
55 and above
Greater Boston
Dorchester/Milton
Boston: some, a lot of local
Out of state?
Out of the Country?
Where do they work by percent?
In Boston – majority are commuters
Suburbs of Boston
Elsewhere in MA
No x
# Units reserved during construction: 46 for Phase I
#Units Absorbed per month 3 phase I, 3 phase II
Time Frame for entire absorption: 5 months for phase I, 5 months for phase II
Comments:
What is the best feature(s) of the facility? Size of units, uniqueness of property/historic character, “feels
like home,” location
What would they change if they could? nothing
Date Surveyed:_2/20/13_______
Property Name: Neponset Landing
Property Address: 2 Hancock Street, Quincy
Contact/Title: Giovanni
Management Company: Dolben
Phone #: 855-203-0955
Last Renovated?
What did they do?
Affordable? 100%
Wait List: Market Rate? none
Affordable? 1-2 years, 70 total, 35 each kind of unit
Average Yearly Unit Turnover: 35 – 40%
Change in rents over past five years: 50-150 dollar increase each year
Property Description: 12-story high rise brick façade, surface parking surrounding and covered parking
underneath. Most units have excellent water and/or city views, with high-end finishes and washer and
dryers in unit. Amenity-rich with large great room and community kitchen, media room, dog walking
service, concierge service, shuttle to T
Location Description (Describe neighborhood, what do you see when you look out the window?): Located
at the base of the Neponset Bridge in Quincy, overlooking Quincy Bay and the city and the Neponset river.
Visible from highway but entrance requires a U-turn. Near Adams Inn and a short drive from Hancock
Street and Wollaston commercial area. Short drive or 1 mile walk to North Quincy T on redline; shuttle
service is offered free at facility during peak hours. Easy to 93 on other side of Bridge..
Proximity to Area Amenities such as supermarket, restaurants: In immediate area on Hancock, Panera,
Basta Pasta, Applebees, Dominos, Dunkin Donuts, Dry cleaners, close to Marina Bay area which has highend restaurants and marina dock.
# Stories: 12
# Buildings:1
Elevator:
Apartment Flat: 280
Town House Style:
Exterior: brick
1
x
2
3
Surface Parking: one included with two bed units; for other units and for second spaces it is $40/month
Car Port: #100 approx. covered but open, $70 per month
Garage:
Guest Spaces #
Condition of Buildings: very good
Roadways:
Amenities: very good
Unadjusted
# of
units of
unit
type
142
Low
Sq.
Ft.
662
816
937
1,138
1,376
Utility Adjusted
High
Sq.
Ft.
774
1,216
1,256
1,283
1,394
Low
Sq.
Ft.
Square
Low
High
Low
High
Unit Type
Ft.
Rent
Rent
Rent
Rent
1 BR 1BA
$1,710
$2,109
1 BR 1 BA w/den
$1,902
$2,776
2 BR 2 BA
$1,946
$2,978
138
2 BR 2 BA w/ den
$1,888
$2,369
2 BR 2 BA w/balcony
$2,181
$3,174
Aff. One bed
$1,126
Aff. Two bed
$1,314
Other: Attic, Town
House, Loft
Utilities Included in Rent: Heat:_X__ (G/E) Hot Water:_X__ (G/E) Cooking:___ (G/E) Electricity:____
Central AC but tenants pay water/sewer , approximately $25-$35 per month in two bed units
Other Charges:
Pet Deposit and Policy: dogs and cats, dog breed restrictions but no weight restrictions
$_No
deposit____
Refundable?
Pet Rent: $85/month for dog, $35/month for cat
Amenity Fee: no
Application Fee: no
Other Fees:
Security Deposit:
Car Port
Garages
Excess Storage none
Clubhouse rental $100
Refundable?
Premium charge for upper floor units? Yes, and for bay view units
Other:
How many or what % are affordable units? 28 affordable
What is the income limit for the affordable units (i.e. 25% at 80% of AMI): 80% AMI
Is there a wait list for the affordable units? Yes, 35 for each one and two bed
Club House/Great Room: yes community room and billiards
WIFI? yes
Concierge Services
Business Center
Fitness Center: yes open 5am-12a
Sauna
Common washer and dryers: no
High
Sq.
Ft.
Excess Storage:
Indoor Theater: yes “media room”
DVD Library
Tennis Court
Picnic/Grill Area
Tot Lot/Playground
Jogging or Walking Path-accessible to john paul II park walking trails
Bicycle Storage;
Other: Zipcar rentals onsite, shuttle service to North Quincy Red Line T Station
Unit Amenities
Ceiling Height: 8 foot, 9 foot, vaulted? Average height
Cable Ready? yes
Hi Speed Internet?
Blinds?
Window Treatments?
Wall to Wall Carpet: yes
Wood:
Oversize Closets?
Closet Organizers?
Linen Closet? yes
Fireplace:
no
Wood
Gas
How many units?
Kitchen:
Style: Galley:
Eat In:
Color?
Stainless: yes
Refrigerator:
Side by side?
Ice maker?
Water Dispenser?
Microwave: yes
Dishwasher: yes
Floor Materials:
Vinyl:
Tile: yes
Color?
Granite: yes Corian:
Color?
Wood: yes
Color? brown
Tile Backsplash: no
Color?
Bathroom:
Tile yes
Color?
Sink Counter Materials: Formica/Composite? stone
Cultured Pearl?
Other?
Color?
Tub:
yes
Color?
white
Soaking Tub:
Jacuzzi: no
Shower Stall:
Other:
High School Graduate? Mix
Recent Undergraduate College Graduate? Mix, a lot of students from various universities
Recent Advanced Degree College Graduate? Mix
Single?
Mix yes a lot of young professional commuters
# Males
# Females
Roomates? Mix
50/50
Couples? A lot of couples for one beds,
24 and under Mix
25-34? Mix
35-44? Mix
45-54? Mix
55 and above Mix
Quincy
Greater Boston
Boston yes
Out of state? Significant number from out of state
Out of the Country?
In Boston Most commute to Boston
Suburbs of Boston
Elsewhere in MA
No x
Comments:
What is the best feature(s) of the facility? Views, washer and dryer in unit, dog walking service,
location, amenities, parking.
What would they change if they could? Location can be difficult to get to because of the bridge.
Date Surveyed: 6/4/12 and 2/20/13
Property Name: Oliver Lofts
Property Address: 166 Terrace St
Contact/Title: Andy
Management Company: Winn Residential
Phone #: 617-879-1620
Construction Completion Date: Late 1800s
Last Renovated? 2011
What did they do? Conversion to apartments
Affordable? 100%
Wait List: Market Rate? 0 people
Affordable? 100 people
Particular Type of Unit? All
Average Yearly Unit Turnover: n/a
Change in rents over past five years: n/a
Property Description: Former brick mill building, on narrow two way road parallel to Columbus, garage
parking underneath.
Location Description: Some run-down brick buildings used for auto care, parking lot across street, not
much in terms of amenities immediately nearby.
Proximity to Area Amenities such as supermarket, restaurants: Less than half mile to Jackson Square T
stop, and to Heath Street T-Stop. Stop and Shop within three quarters of a mile away.
# Stories: 4
# Buildings:1
# Units Per Building: 62
Elevator: yes
Apartment Flat: 56
Town House Style: 6
Exterior: Glass and cement
1
2
rent
Surface Parking: yes 20 spaces, additional is $60 per month
Car Port: # no
Garage: yes, 13 spaces $100 - $150/month
Guest Spaces # none
Roadways: Good
Unit Type
# of
units of
unit
Unadjusted
Low
Square
Low
Sq.
High
Ft.
Rent
Ft.
Rent
3 one included in market unit
Amenities:
High
Sq.
Ft.
Utility Adjusted
Low
High
Low
Sq. High Sq.
Rent
Ft.
Rent
Ft.
type
Studio
1 BR 1BA
2 BR 2BA den TH
2 BR 1 BA
2 BR 2 BA TH
2 BR 2BA TH w/ loft
kitchen
1213
$1575
$2425
$1830
$2125
678
1486
932
1330
$1650
$2550
-$2450
1036
1629
1137
1550
$2175
--
--
--
Other: Attic, Town
House, Loft
Utilities Included in Rent: Heat:_X__ (G/E) Hot Water:_X__ (G/E) Cooking:___ (G/E) Electricity:____
Central AC
Other Charges:
Pet Deposit and Policy: Cat (max 2) no deposit
Refundable?
Pet Rent: $20/cat/month
Amenity Fee: no
Application Fee: no
Other Fees: none
Security Deposit: $250 affordable/$500 market
Car Port
Garages
Excess Storage yes, $50/month
Clubhouse rental none
Refundable?
Premium charge for short term lease? no
Premium charge for upper floor units? No, market rate are top floor
Other:
How many or what % are affordable units? 43 units
What is the income limit for the affordable units (i.e. 25% at 80% of AMI) 60% AMI
Is there a wait list for the affordable units?
# Section 8 Voucher Units: 50% of the afford units – set rents and are not designated as sect. 8
Club House/Great Room no, art gallery
WIFI?
Concierge Services yes
Business Center no
Fitness Center no
Pool (In door or outside, whirlpool?) no
Sauna
Common washer and dryers: in unit for market, community for affordable
Excess Storage: no
Indoor Theater
DVD Library
Tennis Court
Picnic/Grill Area
Tot Lot/Playground
Jogging or Walking Path
Bicycle Storage;
Unit Amenities
Ceiling Height: 8 foot, 9 foot, vaulted? All vaulted
Cable Ready? yes
Hi Speed Internet? no
Blinds? yes
Window Treatments?
Wall to Wall Carpet:
Wood: market rate units, carpet in BR and
affordable
Oversize Closets?
yes
Closet Organizers?
Linen Closet? yes
Washer/Dryer: Hook up, None, or in unit? In unit for market
Fireplace: no
Wood
Gas
How many units?
Kitchen:
Style: Galley:
Eat In:
Brand of Appliances: GE
Color?
Stainless: yes
Refrigerator: standard for afford Side by side? market
Ice maker? mkt
Water Dispenser? mkt
Microwave: all units
Garbage Disposal: all units
Dishwasher: all units
Floor Materials:
Vinyl:
Tile:
Color? Light laminate
Granite: yes, white stone in afford
Corian:
Color?
Wood: yes Bamboo
Color? brown
Tile Backsplash: no
Color?
Bathroom:
Tile yes
Color?
Sink Counter Materials: Formica/Composite? stone
Cultured Pearl?
Other?
Color?
Tub:
yes
Color?
white
Soaking Tub: no
Jacuzzi: no
Shower Stall: 2 units
Composite or Glass Enclosure? glass
Other:
Recent Undergraduate College Graduate? Mix
Single?
Mix
# Males
50/50
# Females
Roomates? Mix
Couples?Mix
24 and under Mix
25-34? Mix
35-44? Mix
45-54? Mix
55 and above Mix
Greater Worcester
Central MA
Boston yes
Out of state?
Out of the Country?
In Worcester
Central MA
Elsewhere in MA Boston
No x
# Months Pre-marketed: about 6 months for affordable, 3 for market units
# Units reserved during construction: 20% mix of affordable and market
#Units Absorbed per month:
Time Frame for entire absorption: 3 months
Absorption (Units/Months) approximately 16
Comments:
What is the best feature(s) of the facility? newness
What would they change if they could? nothing
Date Surveyed:_2/20/13_
Property Name: Rosecliff Apartments
Property Address: 790 Willard Street, Quincy
Contact/Title: Alyssa/Heather
Management Company: Equity Residential
Phone #: 866-915-4842
Last Renovated? Mid 2000s
What did they do? Small kitchen updates
Affordable?
Affordable?
Average Yearly Unit Turnover: 40%
Change in rents over past five years: increase approximately $200
Property Description: Multiple 4 to 5 story clapboard buildings surrounded by parking, numerous balcony
units. 286 total units at property, all flats. Hilly property, rocky hill in back of property. Finishes in units
are basic, with all carpet and linoleum floors, and each unit has washer and dryer and a balcony.
Location Description (Describe neighborhood, what do you see when you look out the window?): Located
next to Blue Hills Reservation and just off the exit for 1-93, Willard street is a combination of residential and
commercial two-lane road. Not very T-accessible but there is a shuttle for residents to either Quincy Center
T or Braintree T. Visible from Willard Road, adjacent to other older multifamily properties. Close to South
Shore Mall shopping complex in Braintree.
Proximity to Area Amenities such as supermarket, restaurants:
# Stories: 4-5
# Buildings: 4
Elevator: Yes
Apartment Flat: 286 total
Town House Style:
Exterior: clapboard
1
x
2
3
Surface Parking:
Car Port: #
Garage: add’l $25 to $60 per month depending on garage, many people rent these spots. Would not give
info on how many garage spaces
Guest Spaces # numerous surface
Condition of Buildings:
Roadways:
Amenities:
Unadjusted
Unit Type
1 BR 1 BA
2 BR 1 BA
2 BR 2 BA
# of
units of
unit
type
Square
Ft.
985
Low
Rent
$1,421
$1,675
$1,750
Utility Adjusted
Low
Sq.
Ft.
687
High
Rent
$1,605
High
Sq.
Ft.
930
978
$2,130
1,300
Low
Rent
Low
Sq.
Ft.
High
Rent
High
Sq.
Ft.
Other: Attic, Town
House, Loft
Utilities Included in Rent: Heat:___ (G/E) Hot Water:___ (G/E) Cooking:___ (G/E) Electricity:____
Central AC
Other Charges:
Pet Deposit and Policy: Yes, cats only.
No deposit _
Refundable?
Pet Rent: $30/month per cat
Amenity Fee: no
Application Fee: no
Other Fees:
Security Deposit: Special, $99
Car Port
Garages
Excess Storage
Clubhouse rental $250 charge
Refundable? $500 refundable deposit
Premium charge for upper floor units?
Other:
Current Specials/Incentives/Concessions: Security deposit special
How many or what % are affordable units? none
Is there a wait list for the affordable units?
# Section 8 Voucher Units:
Club House/Great Room: yes with billiards
WIFI? Yes available
Concierge Services
Business Center
Fitness Center: yes
Pool (In door or outside, whirlpool?) Yes, one indoor and one outdoor
Sauna
Common washer and dryers: in unit
Excess Storage:
Indoor Theater:
DVD Library
Tennis Court
Picnic/Grill Area: Yes
Tot Lot/Playground
Jogging or Walking Path
Bicycle Storage;
Other:
Unit Amenities
Ceiling Height: 8 foot, 9 foot, vaulted? Average height
Cable Ready? yes
Hi Speed Internet?
Blinds? yes
Window Treatments?
Wall to Wall Carpet: yes
Wood:
Oversize Closets?
Closet Organizers?
Linen Closet? yes
Side by side __X__ stacked_____ Gas___ Electric__
Fireplace: yes in some-gas
Wood
Gas
How many units?
Kitchen:
Style: Galley:
Eat In:
Brand of Appliances: basic
Color? white
Stainless:
Refrigerator:
Side by side? no
Microwave: yes
Floor Materials:
Vinyl:
yes
Counter Materials: Formica: yes
Cabinet Materials: Composite: yes
Tile Backsplash: no
Bathroom:
Floor Materials: Vinyl: yes
Ice maker? yes
Water Dispenser?
Dishwasher: yes
Tile:
Granite: Corian:
Color?
Wood: Color? brown
Color?
Tile
Color?
Sink Counter Materials: Formica/Composite? yes Cultured Pearl?
Other?
Color?
Tub:
Color?
Soaking Tub: yes
Jacuzzi:
Shower Stall:
Other:
Recent Undergraduate College Graduate? Mix
Single?
# Males
# Females
Roomates?
Couples? Mix
24 and under MIx
25-34?
35-44? Mix
45-54? Mix
55 and above Mix
Quincy- mostly local
Central MA
Boston –mostly local
Out of state?
Out of the Country?
In Boston
Mostly- lots of commuters, but some that work in Quincy or Braintree
Suburbs of Boston
No x
Elsewhere in MA
Comments:
What is the best feature(s) of the facility? Location, pools on site
What would they change if they could?
Date Surveyed:2/20/13
Property Name: Schoolhouse at Lower Mills
Property Address: 40 River Street, Dorchester
Contact/Title: Megan
Management Company: Dolben
Phone #: 857-598-4807
Construction Completion Date: 2007 - 2008
Last Renovated?
What did they do?
Affordable? 100%
Affordable? Yes, 1-2 years, approximately 50-60
Particular Type
of Unit? For market rate requests for one bedroom a lot, for affordable a lot of requests for two bedroom
Average Yearly Unit Turnover: approximately 1 every 90 days
Change in rents over past five years: $50 to $60 increase
Property Description: Located on narrow side street adjacent to Shaw’s just outside of Lower Mills commercial
area. Mostly single family residences on street. Part of building is renovated schoolhouse building, and is
attached to new 4 story clapboard building. 62 total units, 40 one beds and 22 2 beds. Parking in rear, garage
underneath. High-end finishes in units. The Schoolhouse at Lower Mills Apartments consists of 62 units in a
renovated historic school building connected to a new construction four-story clapboard building with an
elevator. Built in 2007 as for sale condominiums, the Dolben Company took over management in 2008 and
converted the units to rentals. There are 40 one bedroom one bath units, some with dens, and 22 two bedroom,
one bath units. Six of the units are set aside for households earning up to 70% of AMI. The property has a fitness
center, a resident lounge with fireplace, on-site management, and is adjacent to the walking trails on the
Neponset River Reservation. Wireless internet is available in the common areas. The resident lounge can be
reserved for private parties for no cost. One surface parking space is included in rent, and underground garage
parking is available to rent.
Location Description. It is located at 40 River Street in Dorchester, approximately 0.2 miles north of the Subject
Property as the crow flies, across the Neponset River. It is adjacent to Shaw’s supermarket, and less than 0.5
miles to the MBTA Red Line trolley.
# Stories: 4
# Buildings:1
# Units Per Building: 62 (8 in schoolhouse section)
Elevator: yes
Apartment Flat: all
Town House Style:
Exterior: clapboard
1
2
Surface Parking: one included,
add’l for $35.month
Car Port: #
Garage: 18 spaces $100 per month; most are during winter months.
3
Guest Spaces # 10 approximately
Roadways: Excellent
Amenities: Excellent
Unadjusted
Unit Type
1 BR 1 BA
1 BR 1 BA w/ den
2 BR 1 BA
# of
units of
unit
type
40
22
Square
Ft.
Low
Rent
$1,555
$1,805
$1,935
Low
Sq.
Ft.
822
938
829
High
Rent
$1,700
$2,120
Utility Adjusted
High
Sq.
Ft.
949
967
1,204
Low
Rent
Low
Sq.
Ft.
Other: Attic, Town
House, Loft
Utilities Included in Rent: Heat:___ (G/E) Hot Water:___ (G/E) Cooking:___ (G/E) Electricity:____
Central AC
Other Charges:
Pet Deposit and Policy: Yes, cats and dogs with breed restriction, no deposit
$________
Refundable?
Pet Rent: $35/month per cat $50/month cat
Amenity Fee: no
Application Fee: no
Other Fees:
Security Deposit:
Car Port
Garages
Excess Storage Cost?
Clubhouse rental can reserve at no add’l cost
Refundable?
Premium charge for upper floor units? no
Other:
Current Specials/Incentives/Concessions:
How many or what % are affordable units? 6 units
What is the income limit for the affordable units (i.e. 25% at 80% of AMI): 6 units at 70% AMI
Is there a wait list for the affordable units? Yes, 1-2 years
# Section 8 Voucher Units: yes some
Club House/Great Room: yes
WIFI? Yes available
Concierge Services
Business Center
Fitness Center: yes
Sauna
High
Rent
High
Sq.
Ft.
Common washer and dryers: no, in unit
Excess Storage: yes
Indoor Theater:
DVD Library
Tennis Court
Picnic/Grill Area:
Tot Lot/Playground
Jogging or Walking Path; Neponset river walk
Bicycle Storage;
Other:
Unit Amenities
Ceiling Height: 8 foot, 9 foot, vaulted? High
Cable Ready? yes
Hi Speed Internet? yes
Blinds?
Window Treatments?
Wall to Wall Carpet: in bedroom
Wood: in kitchen and living
Oversize Closets? yes
Closet Organizers?
Linen Closet?
Washer/Dryer: Hook up, None, or in unit? In unit, stacked
Side by side ____ stacked_____ Gas___ Electric__
Fireplace:
Wood
Gas
How many units?
Kitchen:
Style: Galley: yes
Open Floor Plan:
Eat In:
Color?
Stainless: yes
Refrigerator:
Side by side? no
Ice maker? yes
Water Dispenser? no
Microwave: yes
Dishwasher: yes
Stainless Steel Sinks:
Floor Materials:
Vinyl:
Tile Backsplash:
Bathroom:
Tile: yes ceramic
Granite: yes
Corian:
Color?
Wood: yes
Color? brown
Color?
Tile yes
Color?
Sink Counter Materials: Formica/Composite?
Cultured Pearl? yes
Other?
Color?
Tub: yes
Color? white
Soaking Tub:
Jacuzzi:
Shower Stall: no
Other:
High School Graduate?
Recent Undergraduate College Graduate? Not many students
Recent Advanced Degree College Graduate?
Single? A lot
# Males
# Females
Roommates?
Couples? Majority- commuting is a huge factor
24 and under
25-34? yes
35-44? yes
45-54? yes
55 and above
Milton- yes mostly local, people that have seen it by driving by or word of mouth
Central MA
Boston some
Out of state? Not many
Out of the Country?
In Boston - mostly
Suburbs of Boston
Elsewhere in MA
No
Comments:
What is the best feature(s) of the facility? Luxury finishes, unique wood floors
What would they change if they could? Nothing, mostly lose tenants to homeownership
Exhibit 3 Competitive Facility Worksheets
56 | P a g e

Market Analysis Study Hendries Apartments 131 Eliot Street, Milton

Transcription

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