Project will provide 188 units of new multifamily housing, revitalize Rt. 20 commercial corridor, preserve 20+ acres of open space

Waypoint Residential, a national real estate investment companywith offices in New England,was pleased to receive approvals from two key bodies in the Marlborough permitting process: theZoning Board of Appeals and the Conservation Commission.The permits were issued for the Walcott Heritage Farms multifamily housing proposal, which is projected to contribute more than $573,000 in net annual revenues to the City of Marlborough and bolster the economic development of the city and region.

“We see tremendous benefits to Marlborough from Walcott Heritage Farmsin the form of much-needed housing in proximity to the City’s revitalized downtown, the preservation of more than 20 acres of green space, and significant positive public revenue generation and economic activity stimulation,” said Senior Development Manager, Tom Moran in a statement. “We’re now looking forward to meeting with the City Council, where we hope to present thefeatures of this exciting project in even greater detail.”

Walcott Heritage Farms was proposed by Waypoint Residential earlier this year and is slated for the land currently known as the McGee Farm property at 339 Boston Post Road.Net revenues to the city from annual property and vehicle excise taxesare projected to bemore than $570,000 per year.As proposed, approximately 70% of the project’s 188 homeswill be single bedroomapartments designed to appeal to a wide variety of residents including young professionals, community service providers (e.g. teachers, police and fire officers, nurses, physicians’ assistants, etc.) and empty nesters seeking an efficiently designed, highly amenitized home in a vibrant community with proximity to both the naturally preserved greenspace and downtown Marlborough. The smaller average unit size together with the preponderance of single bedroom homes is anticipated to result in a nominal impact to the school system with fewer than 15 school aged children projected.

In addition to its significant fiscal benefits, Walcott Heritage Farms is poised to play a major role in the further economic expansion of Marlborough and the surrounding area.A diverse pool of amenity-rich housing is an important factor for businesses deciding whether to locate along the Rt. 20 commercial corridor, which Marlborough officials and state agencies have sought to develop in recent years. Additionally, the resident base from Walcott Heritage Farmswillprovide new customers to local business and further bolster the vitalization of the City’s downtown.

Walcott Heritage Farms, a name honoring the land’s history, will preserve 20.2 acres of its 25.7-acre footprint as open space. The development team has stated that in developing their proposal, they felt it important to design a project that allowed the majority of the land on the site to remain undisturbed.Furthermore, in keeping with the environmentally conscious redevelopment of the property, the community will also be 100% electric and built to the National Green Building Standard certification.

While the parcel is zoned for a variety of commercial and industrial uses, Waypoint believes that its thoughtfully designed, multifamily residential community will ultimately maximize the conservation and preservation benefitsto the site. Alternative retail or commercial uses could potentially introduce a number of additional detrimental impacts to the surrounding area, in the event that the property is not ultimately developed as a residential community.

The proposal will be presented to the Marlborough City Council’s Urban Affairs Committee on October 14.

About Waypoint Residential

Waypoint Residential, LLC d/b/a Waypoint Real Estate Investments is a vertically integrated real estate investment firm focused on the U.S. residential sector. Waypoint acquires and develops conventional multifamily, student housing and senior housing properties throughout the United States. Founded in 2011, Waypoint’s investment activity totals approximately $4 billion across more than 27,000 units. Waypoint is comprised of more than 90 professionals in four offices with senior management averaging over 25 years of real estate investment and management experience through the U.S.