December 11, 2017, WOBURN, MA – The Dolben Company, Inc. (“Dolben”) is pleased to announce that Arbor Weymouth Residential Holdings LLC, an affiliate of Dolben and Upton + Partners LLC (“Upton”), has closed on the land and development rights to The Apartments at Arbor Hills, in Weymouth, Massachusetts. This is the first joint venture between Dolben and Upton. The partners have completed an equity raise of $21.3 million, and secured a $49.2 million construction loan (70% loan to cost) from KeyBank National Association.
Arbor Hills is a fully permitted, 100% market rate, 242-unit residential development, situated on approximately 29.64 acres. The community will feature two four-story, 79-unit wood framed multifamily buildings built over podium garage parking, two three-story, 28-unit garden-style wood-frame buildings, five clusters of two-story, wood-frame buildings consisting of 28 townhomes, and a single story, 4,500 square foot clubhouse/leasing center. The unit mix at the property will include 20 studio units (8.26%), 55 one bedroom apartments (22.73%), 139 two bedroom apartments (57.44%) and 28 townhome style units (11.57%).
Community amenities will include a clubhouse with a casual workspace environment equipped with WiFi and a coffee/refreshment bar, a fitness environment with exercise equipment as well as space for yoga and stretching classes, a premium-level resident entertainment space offering a cook’s kitchen, dining area, and living space connected directly to a semi-private landscaped terrace, a pet-care space, bicycle storage, and underground garage parking. Apartment features will include vinyl plank flooring in the living, dining and kitchen areas, fully equipped kitchens with upscale finishes including stone countertops and stainless appliances, and generously sized, fully-tiled bathrooms with stone counters.
Building permits for the project were issued in March 2017. The entire site has since been graded, building pads for the podium and garden-style buildings are completed, footings are in various stages of completion, and framing has begun. Plumb House, Inc. handled all the site preparation, and is continuing with the vertical construction of the site. Gate 17 Architecture, Inc. is the project architect.
Deane H. Dolben, President of The Dolben Company, Inc., noted, “We are delighted to be working with Upton + Partners on the Arbor Hills development. Arbor Hills will offer a full complement of common area and individual apartment amenities to attract and retain a high-quality resident population, and we are looking forward to working with our partners to bring this beautiful community to life.”
About The Dolben Company, Inc.
With offices in Massachusetts and Maryland and more than 17,000 residential units throughout the New England and Mid-Atlantic regions, The Dolben Company, Inc. is built on a deep heritage of performance and stewardship. Since 1929, four generations of the Dolben family have upheld a proud tradition of unparalleled success and profitability, fulfilling the property and investment needs for a wide array of businesses, financial institutions, organizations and private investors. For more information on The Dolben Company, visit www.dolben.com.