Boston-area University Sells Half Its Campus For Luxury Unit Development Boston Condos For Sale Ford Realty

"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 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university to focus on a smaller footprint, alleviating some operational costs associated with deferred maintenance and outdated facilities," university officials said in a statement."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."

AvalonBay Communities and Winn Development Company received approval from local officials for a 340-unit luxury housing project on the south campus of Salem State University, about 16 miles north of Boston. The university reached an agreement to sell the property to the developers two years earlier, but the sale remains contingent on several factors. University officials said the sale enables the university to focus on a smaller footprint, reducing operational costs tied to deferred maintenance and outdated facilities. The project, named Avalon Salem, will be built at 8 Harrison Road and represents the first phase of the Forest River Residences plan. The broader plan is expected to add another 145 units, using a combination of new construction and repurposed existing buildings.

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