It may be off-season for rentals, but a thousand high-end apartments have hit the Boston market.
The Victor near North Station has come on with 286 units, there's 381 apartments at the Kensington in Chinatown, the 99-unit Gatehouse 75 in Charlestown is also open. The 50 units at 11 West Broadway in Southie and the 202 units at 315 on A in Fort Point are both ready for move in.
The race is on to sign up tenants, and the developers believe that there's a pent-up demand out there. Normally it takes about a year to fully lease larger rental buildings.
Rents are high. At The Victor, they start at $2,795 for a studio up to $5,000 for one or two-bedroom units. The Kensington rents are even higher, ranging from $2,920 for a one-bedroom up to a staggering $10,645 for an upper-floor two bedroom. Rents at 315 on A straddle the two, starting at $2,279 for a studio, up to $5,289 for an upper-floor two bedroom.
They say in real estate it's all about location, location, location. But for these big new luxury apartment buildings, that's only part of the draw. Just as important are the amenities and creating a great urban living experience for their tenants.
These buildings offer condo building finishes, with quartz and granite counters and custom cabinets, on-site fitness centers — so you don't have to join a health club — and elaborate outdoor terraces that provide a sense of nature in the hard-edge city. They have common kitchen areas, lounges and club rooms where residents can serve meals or host a party and where guests can come over to watch a game. And they offer conference rooms and work spaces that allow residents who work at home to present a more professional face to their clients.
"The rents are high, but people are seeing the value in all the amenities, and that you can have it all right here in the building," said Drew Boujoulian, The Kensington's resident services manager. And that even includes dog-walking and pet-sitting services.
It appears to be drawing tenants. The Kensington is already 48 percent leased.
These buildings create their own neighborhoods even as they exist in larger neighborhoods. Residents can go out and get to know their surroundings, or if they don't have the time or inclination, create a community in the building they live in.
And these buildings aren't just drawing young professionals, but a lot of empty-nesters, testing the water for city living in environments that help them ease into urban life.
Each building has its own personality. The Victor has a wood-floored sports court — a homage to the nearby TD Garden — and a unique gift-wrapping station. At 315 on A, there's a common kitchen/lounge and fitness center on the 20th floor offering spectacular views. The Kensington has an outdoor pool and a shared car service.
The Victor seems more for corporate people, The Kensington has an air of urban exclusivity, while 315 on A targets its appeal to creative types.
Kelly Saito, president of 315 on A developer Gerding Edlen, added: "One big difference between what we offer and other big apartment dwellers is our focus on sustainability."
From the reclaimed wood on the lobby floor to its photovoltaic array on the roof, to the building's cogeneration heating and cooling system, 315 on A offers every imaginable green amenity.
The pitch seems to be working. Jessica Ryan, property manager of 315 on A, said 26 percent of the building is leased.
Even though The Victor has only leased 10 percent of its units, the building's community manager Gabrielle Strahl says things are picking up, with eight leases already signed this month. And she doesn't even mind that lease-up is proceeding slowly.
"It's given me time to work out the hiccups and get to know personally everyone who's moved in here," Strahl said. "You don't get to do that when it gets really busy."
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