Project of the Month: The Hamilton Company begins leasing new, 6-story, 49,000 s/f apartment building at 40 Malvern Street

40 Malvern Street - Allston, MA

Allston, MA The Hamilton Company, one of Boston’s largest privately-owned real estate companies, has begun leasing for its new, 6-story, 49,000 s/f apartment building at 40 Malvern St. in Allston’s Packard Crossing neighborhood.

The new 48-unit building located at 40 Malvern St. will be ready for occupancy October 1 and is already 50% preleased. Rents for the 1-bedroom units will start at $2,100 and $2,500 for the 2-bedroom units. The top-floor units will have views of the Charles River. Amenities for residents will include a “green” roof garden, newly-constructed outdoor green space, off-street parking and close proximity to the MBTA, as well as access to the Commonwealth Sports Club, a full-service health club with personal training, fitness classes and an indoor pool.

The new residential units are built on the site of a parking lot which the Hamilton Company has owned and operated for more than four decades.

Carl Valeri, president and chief operating officer of The Hamilton Company, said that the new residences at 40 Malvern St. are part of a broader plan to invest $100 million in the Packard Crossing neighborhood in the next 10 years.

40 Malvern Street - Allston, MA

“40 Malvern is a collaborative effort with the neighborhood associations regarding the final design and scope of the project,“ said Valeri. “Located steps from Packard Crossing and the Green Line, this residential property is ideally suited for working professionals and graduate students in the area.”

Jameson Brown, vice president for development and son of Hamilton founder Harold Brown, said more than 50% of the units already have been leased, even though the property is not yet ready for occupancy. “40 Malvern, along with others recently completed by Hamilton, reflects our efforts to develop buildings with moderate rents while maintaining the framework of the neighborhood setting,” said Brown.

State representative Kevin Honan said the Hamilton development is part of a real estate boom in Allston-Brighton that will generate 3,000 new units of housing over the next 4-5 years. “New developments such as 40 Malvern St., which combines new housing with increased access to public transit, will keep our neighborhood vibrant for generations to come.” Honan said.

John Ladt, mayor Walsh’s liaison to the Allston-Brighton neighborhood, noted that Hamilton’s addition of 48 units of housing fits nicely into the mayor’s plans to approve 53,000 units of new housing by 2030.

Brian Golden, director of the Boston Redevelopment Authority, is a native of Brighton and said he takes great interest and pride in seeing organizations like the Hamilton Company invest in the neighborhood. “This project is an excellent example of a transit-oriented development that has transformed a parking lot into much-needed housing,” said Golden. “I congratulate Hamilton Company on its success, and I look forward to seeing the building come to life.”

Paul Berkeley, president of the Allston-Brighton Civic Association, said his organization strongly supports the 40 Malvern St. project. “The selling point for this project,” said Berkeley, “is that it replaces a dirt lot used for parking with additional housing. It also makes use of nearby surplus parking space for any overflow parking needed for the new residents.”

The residences at 40 Malvern reflect Hamilton’s current focus on ground-up development of company-owned parcels, rather than competing with record-level purchase prices.

Founded in 1954 by real estate icon Harold Brown, the Hamilton Company has amassed more than $1.7 billion in residential and commercial assets in the Greater Boston area. Harold Brown, who frequently gives lectures on real estate investment, is also founder of the Hamilton Company Charitable Foundation, of which Ronald Brown is chairman and Jameson Brown is a board member. The foundation allocates millions of dollars to local non-profit neighborhood groups, charities and associations.

The project team included: • Construction Manager: Hamilton Construction Management • Developer/Leasing: The Hamilton Company • Architect: Developmental Resources & Design Partnership Plus • Civil Engineer: Nitsch Engineering • Legal Counsel: Rubin and Rudman LLP