Federal Realty Investment Trust
) completed the development of a residential complex - Chelsea
Place - in its shopping center 'Chelsea Commons' that is situated
near downtown Boston. The move was in line with the company's
plan of effectively utilizing underutilized land
The four-storied Chelsea Place, comprising 57 units, has 2 and
2-plus bedroom units ranging from about 700 to 1,100 square feet.
The complex includes all necessary and luxurious amenities such
as a fitness center, in-unit laundry, and 42 covered and
uncovered parking lots each.
Moreover, the property has earned an LEED Silver certification
and will contain solar panels on the roof. It is developed
by Oaktree Development, Keiser Homes and Tocci Building
companies. The residential complex was constructed on a plot
within the Chelsea Commons.
Advantageously positioned at the intersection of Route 1 and
Revere Beach Parkway, in Suffolk County, Chelsea Commons was
acquired by Federal Realty in 2006 and spans 222,000 square feet.
It boasts several renowned retail giants such as
The Home Depot, Inc.
CVS Caremark Corporation
) and Gamestop. Notably, the area has a population of
approximately 250,531 in a 3-mile radius, with an average
household income of $65,599.
We view the above-mentioned development as a strategic fit for
Federal Realty. Given the solid demographics of the area, this
premium property is expected to offer the company strong upside
potential. It would also boost the strong housing market of
Currently, Federal Realty carries a Zacks Rank #3 (Hold).
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