Multi Residential

The Reserve at Burlington Sold

Boston -The Reserve at Burlington, a newly constructed, 270-unit apartment community located in Burlington, Mass., was acquired by Equity Residential in a sale arranged by owners and developers, The Davis Companies and Principal Real Estate Investors.

Completed in 2019, The Reserve at Burlington is one of only three multifamily developments to come to the town in more than 15 years and has increased the community’s offering of both affordable and market-rate rental property.

While the development was delivered just before the onset of COVID-19, leasing accelerated after the Governor lifted the mandated state lockdown, with traffic rebounding in the third and fourth quarters; at the time of sale, the property was approximately 96% occupied.

In 2015, the town of Burlington initiated a Comprehensive Master Plan, encouraging new developments of Class A multifamily housing in or near commercial destinations, in order to meet the demands of Burlington’s growing young professional and senior citizen populations. The town was forward thinking in terms of its housing stock and mindful of its commitment to providing thoughtful affordable housing for its residents. With the completion of The Reserve, Burlington’s affordable housing stock increased to 13.3%, surpassing the 10% threshold following the 2020 census update.

Simon Butler and Biria St. John of CBRE represented the sellers on the transaction.