Expanding into greater Boston, Trammell Crow Residential (TCR) has begun construction on its latest Alexan community in Peabody, Massachusetts. The luxury 180-unit, four-story development will offer both market-rate and affordable studio, one-bedroom, two-bedroom, and three-bedroom units.
“Alexan Peabody provides much-needed market-rate and affordable housing to Boston’s North Shore. The development of the site will beautify a previously clear-cut parcel of land, and we’re appreciative of the cooperative working relationship with the neighbors and the city of Peabody that helped make this project possible,” says Andy Huntoon, managing director, Northeast Division, of Trammell Crow Residential. “We believe there is an incredible opportunity to continue to meet greater Boston’s housing demand while creating jobs and providing solid risk-adjusted returns for our financial partners.”
Permitted as a 40B development, 25% of the units will be allotted as affordable housing at 80% of the area median income. TCR will serve as both the developer and general contractor on the project that is slated for completion in late 2025.
The units will be finished with wood-style plank flooring; in-unit washers and dryers; walk-in closets; and stainless-steel appliances. Alexan Peabody residents will have access to outdoor courtyards, a pool, grilling stations, a fitness facility, a business center, and a resident event room with a gaming room, a gourmet kitchen, and a library.
Situated along Route 1 just 1 mile north from Interstate 95/Route 128, Alexan Peabody will offer convenient commutes to the region’s largest employment corridors in Boston, Cambridge, Burlington, and Waltham. In 2023, TCR announced the groundbreaking of Alexan Waltham, a 210-unit community in Waltham, which is expected to be completed in summer 2025.
TCR’s Northeast apartment portfolio has more than 1,600 apartment units in various stages of development with the addition of Alexan Peabody.
