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Chelsea Takes Off

Boston Multifamily

What are some hot emerging locations? Adjacent to Boston with transit access, Chelsea is seeing big results. Forget the city’s bad boy rep from years ago, says Gate Residential managing director Damian Szary. (Hey, even bad boy Eminem eventually apologized to his mom.) At the $50M ONE North of Boston, a JV between Gate and Transdel Corp, the last of its 230 apartments were completed last week and the development is already 92% leased, he says. Fully amenitized, the average rent—$1829, $2.35/SF—is nearly half of downtown Boston’s new luxury units.