to an incredible start
It is no secret that the real estate market in the
Greater Boston area has been thriving over the past year. Not only
have prices and sales volumes increased, but there has been a
drastic decrease in the average days on the market, and there are
still low interest rates. Construction has seen quite the
triumphant rise over the past year. In fact, one would be hard
pressed not to see at least one construction crane in every
neighborhood of the Hub. From the South End to the
Seaport District, to
Downtown Boston and
more, this latest news comes to us from the ever so popular
Back Bay
neighborhood, where Avalon Exeter is making headlines.
Located at 77 Exeter Street, this $100 Million project
constructed by AvalonBay Communities has been dubbed the
aforementioned Avalon Exeter, and will see the site command the
highest rents on a per-square-foot basis. Just over a year ago,
such an announcement would have seemed preposterous given the state
that the real estate industry and broader economy was in.
Ultimately, however, the market has more than exceeded expectations
since then, as demand and a willingness and ability to pay such
prices remains strong.
The 28-story tower consists of 187 luxurious
apartments that all benefit from the first-class amenities such as
a state-of-the-art fitness center, an underground parking garage in
the adjacent Prudential Center, a lovely and inviting clubhouse,
and the ability to have an underground connection to the Prudential
Mall, Shaws Supermarket, and the Back Bay MBTA
Station.
Rents for a 435 square foot studio start at
$3,000/month, while the one bedroom units of 763 square feet begin
at $4,000/month. For a two bedroom residence, one should expect to
pay $5,300/month for its 1,061 square feet, while the high-end
three bedroom units start at $10,100/month for 1,600 square feet of
interior space.
With the building still yet to reach completion, the
rampant real estate market here in Boston has already seen keen
interest in the building. In fact, AvalonBay Communities has
already leased out 25% of the units; a remarkable achievement
indeed. The level of luxury and convenience that can be achieved
from living at Avalon Exeter in the heart of the Back Bay and all of
Boston is unrivaled, as it is sure to be a highly desirable address
for many generations to come.
More Information: Boston Business
Journal