The NRP Group and World Premier Investments Break Ground on Grayson Lofts at Wakefield Station, a Transit-Oriented 184-Unit Apartment Community in Wakefield, Mass.
The upscale multifamily development is located 10 miles north of Boston and a mere 200 feet from Wakefield’s commuter rail station
WAKEFIELD, Mass. (May 21, 2020) – The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing has broken ground on Grayson Lofts at Wakefield Station, a 184-unit upscale apartment community to be built within a historic mill building in Wakefield, Massachusetts. The building, located at 178 Albion Street, has been used as office space to date is being redeveloped in partnership with real estate investment firm World Premier Investments (WPI).
“We’re pleased to introduce more rental housing to those in the Wakefield community looking for high-quality rental housing,” said Carolyn Mendel, The NRP Group Vice President of Development in Boston. “Repurposing and renovating an old mill building adjacent to public transit was a prime opportunity for us. The building has great bones and will lend itself to a project that fits seamlessly within the urban fabric of the town.”
The existing three-story, U-shaped building is divided into two sections — the west side will retain its use as office space while the east side will be repurposed for residential. The NRP Group will build an additional three stories on top of the existing structure to create rental housing geared for future residents in search of a modern loft living experience combined with the convenience of a transit-oriented suburban locale.
Wakefield remains an attractive neighborhood for working professionals in search of walkable, transit-friendly living options in close proximity to the Boston metropolitan area. The development is within walking distance to high-frequency transit and a mere 200 feet from Wakefield’s commuter rail station — which connects to Boston’s North Station in 25 minutes. The development site is roughly one mile from I-95 and also provides easy vehicular access to I-93 north/south.
Residents will have access to walkable retail amenities including dozens of retail and dining options within half a mile from the development. Lake Quannapowitt — a vastly popular spot among residents for walking and running clubs, boating, fishing and other recreational activities surrounding the lake — is a mere three blocks away.
Grayson Lofts at Wakefield Station will offer residents a modern living experience in renovated, mill-style apartments that have an industrial motif, featuring exposed brick walls, concrete floors, and matte black fixtures. The project is fit with an existing parking garage next door that holds more than 700 spaces, 300 of which will be made available to residents. The multifamily development consists of 60 percent one-bedroom and 40 percent two-bedroom units averaging 833 square feet. Fifteen percent of Grayson Lofts will be designated as affordable housing.
The NRP Group plans to repurpose a courtyard within the middle of the U-shaped mill building into a large amenities space consisting of two outdoor kitchens, lawn games, seating areas and drink rails. Other common area amenities will include 24/7 package concierge access, a commuter lounge with a transit screen, and a state-of-the-art fitness center with 24/7 on-demand class programming.
“I’d like to thank the community of Wakefield for welcoming us to the neighborhood and providing valuable input through numerous meetings,” Mendel added. “I’d also like to extend our appreciation to all of the town departments who contributed to the project, especially the Wakefield Board of Appeals, for their professionalism and the significant amount of time they committed to ensuring that this project is the best it can possibly be.”
The NRP Group is developing Grayson Lofts with equity partner World Premier Investments, an investment firm based in Irvine, CA that owns and provides equity for multifamily residential, office, industrial, and retail development.
“World Premier Investments is excited to be the capital partner for Grayson Lofts,” said Andrew Sun, President of World Premier Investments. “We’re always looking for quality investments and are delighted to partner with The NRP Group again to bring luxury level housing to Boston.”
CIBC provided construction financing for Grayson at Wakefield Station, which is scheduled for completion in 2021.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has delivered more than 40,000 apartment homes, and currently manages over 20,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit www.nrpgroup.com.
About World Premier Investments
Founded in 1983 by Andrew Sun, World Premier Investments is a privately-held investment firm based in Irvine, CA. WPI develops and owns neighborhood shopping and regional power centers. WPI also invests in multifamily, office, and industrial development in the capacity as both general partner and limited equity partner.