Click hereNTT Urban Development Corporation (Headquarters: Chiyoda-ku, Tokyo; President and CEO: Kou Ikeda) is pleased to announce that its US subsidiary (NTT UD USA Inc.) has acquired two new rental housing properties in the Boston metropolitan area of Massachusetts to promote its value-add business.
The Boston metropolitan area has a population of approximately 5 million people and is home to many large companies, including those in the life sciences sector, so demand for housing is expected to remain strong. Furthermore, with a world-class university located here, continued development is expected. Our company will provide a rich living environment in this area by enhancing value through the use of digital products and enhancing amenities for residents.
Since participating in our first residential project in the United States in December 2019, we have been collaborating with partners who are developing businesses in cities such as New York, Boston, and Dallas. We will make maximum use of the value-adding know-how we have accumulated through previous projects in this project, aiming to continue strengthening our global business foundation and further expand our business.
Acquired property ①: “One India St”
The property is located in downtown Boston, an office district with many large-scale commercial facilities nearby, making it highly convenient for daily life. It is also close to historic parks such as Boston Common and waterfront areas, making it an area rich in nature and attracting steady demand from single and dual-income households who prefer to live close to work.
In this area, where developable land is limited and the supply of new housing is low, we will enhance the value of this property through further renovations, taking advantage of the quaint exterior of the building, which is over 100 years old, and providing a high-quality living space that combines modern amenities such as smart air conditioning and smart locks.
This property is being developed in collaboration with Synergy Investments, a partner in six projects (office buildings and rental housing) that the Company is promoting in the Boston metropolitan area and has a wide range of business operations in the area.
Acquired property ②: “The Batch Yard”
The property is located in Everett, north of the Boston metropolitan area, and is easily accessible by car, approximately 15 minutes from downtown Boston and Cambridge, home to many universities and medical institutions. The surrounding area is a redevelopment area designated by the city of Everett, and plans are underway for a mixed-use development centered on commerce, including hotels, restaurants, theaters, and concert venues, with further development expected.
The property consists of three buildings (main, north, and south), of which the main building was once a candy factory and was renovated, featuring high ceilings and an interior that retains the atmosphere of concrete, making use of the factory's structure.Going forward, we will aim to increase the value of the property by renovating the common areas, providing an in-building network environment, and introducing digital products such as leasing assistance tools like an unmanned viewing app and smart locks.
This property will be developed in collaboration with LCOR Inc., a company that develops rental housing and adds value to properties using digital products, primarily on the East Coast.
Property/Project Overview
One India St
| location | 1 India St, Boston, Massachusetts |
|---|---|
| Year of construction | 1898 (1996: converted from office to residential, 2019: partially renovated) |
| hierarchy | 地上11階 |
| Units | 94 units |
| Rental area | Residential: 77,150sqft (approx. 7,200㎡) Office/commercial: 20,276 sq ft (approximately 1,900 m2) |
| Building Use | Rental housing, some offices and commercial properties |
| Acquisition date | January 2024 |
The Batch Yard
| location | 25 Charlton St, Everett, Massachusetts |
|---|---|
| Year of construction | Main building: 1930 (renovated in 2015) North Building/South Building: 2015 |
| hierarchy | Main building: 7 floors above ground North building: 4 floors above ground South building: 5 floors above ground |
| Units | 328 units (Main building: 160 units, North building: 73 units, South building: 95 units) |
| Rental area | Approximately 427,500sqft (approximately 39,700㎡) |
| Building Use | Rental housing |
| Acquisition date | September 2024 |
[Contact Information]
NTT Urban Development Corporation
Public Relations Office
Nittono and Wakamatsu
nttud-pr@ntt-us.com