Boston-area University sells half its Campus for luxury unit development

A pair of real estate developers is taking advantage of a Boston-area college’s desire to consolidate and raise cash.

AvalonBay Communities and Winn Development Company scored approval from local officials for a 340-unit luxury housing project on the south campus of Salem State University, a public college located roughly 16 miles north of Boston, the Boston Business Journal reported. The agreement to sell the property to the developers was reached two years ago, but remains contingent on a few factors.

The purchase price was not disclosed by the school. It is set to become public when the sale closes.

“The sale of South Campus allows the university to focus on a smaller footprint, alleviating some operational costs associated with deferred maintenance and outdated facilities,” university officials said in a statement.

The luxury multifamily development, dubbed Avalon Salem and set to unfold at 8 Harrison Road, is only the first phase of the broader Forest River Residences project, which is expected to include another 145 units on the campus site. The subsequent phase will involve a mix of new construction and repurposing of existing buildings.

Click – Menu of listing options for Boston condo sellers and buyers