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L&G to build a 201-unit multifamily community in Concord, Massachusetts
Construction is slated to start this fall, with the first building targeted for completion by the end of 2028 and a second building in 2029.
L&G’s U.S. Asset Management business has acquired a development site in Concord, Massachusetts, and plans to begin work on a new multifamily project consisting of two buildings and 201 units, according to ConnectCRE.
The development is being carried out on behalf of L&G’s Institutional Retirement business, which is deploying long-term retirement capital to help support new housing supply.
ConnectCRE reports this project will be the first U.S. development funding for L&G’s Institutional Retirement business, building on earlier multifamily investments including Alder in the Denver metro area and Arkadia in downtown Chicago.
L&G will partner with Taurus Investment Holdings as developer and will oversee the project’s execution through construction and delivery, with construction expected to start this fall and the first building targeted for completion by the end of 2028, followed by the second building in 2029.