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341BROADWAY ROAD341
Approved | 278 Unit DevelopmentDracut, MA
1
113
113
Dunkin Donuts
CVS
Scola’s
Frobie’s Cafe
Prime Storage
Village Inn
ML Shaw’s Country Kitchen
Gravity Fitness ClubBlue Angus Cafe
Village House of Pizza
Market Basket
Washington Savings Bank
Edge 24 Hour Private Fitness
Barre on Broadway
Katz & Hounds
Eastern Bank
Thantawan Thai
BROADWAY ROAD
Executive Summary
Process & Pricing
Colliers International’s Multi-Family Advisory Group is pleased to offer for sale Broadway Village, a fully permitted 278-unit ground-up apartment development opportunity in the town of Dracut, Massachusetts. The comprehensive permit for the project allows for 278 rental units in four (4) elevatored buildings on the expansive 47.5-acre site. The project is envisioned as four (4) story wood framed construction with surface parking (at a ratio of +/- 2 spaces per unit) and 58 structured/garage spaces. The thoughtfully designed community is replete with abundant tenant amenity spaces, including café areas, lounges, pet grooming, outdoor grills, cinema room, fitness center, bike storage and a large courtyard lawn and swimming pool.
The town of Dracut is a tightknit residential community with a well-recognized school system. Located about 27 miles north of Boston, the town is bordered by New Hampshire to the north, Methuen to the east, Tewksbury and Lowell to the south, and Tyngsborough to the west, and is considered part of the Greater Lowell region. The town is accessible
to major transportation routes, including I-93 and I-495, and convenient to various employment centers in northern Massachusetts, southern New Hampshire and areas north and west of Boston. MBTA commuter rail service to Boston’s North Station is available in Lowell (Lowell Station) just 3.5 miles, less than a 15-minute drive, south of the property.
Located at 341 Broadway Road (Route 113), the site is proximate to many local amenities along Route 113 in Dracut as well as convenient to commercial areas and amenities in the surrounding communities, as well as tax-free shopping in the adjacent southern New Hampshire towns. The University of Massachusetts’ Lowell campus is located just 3 miles from the site, representing a substantial potential demand driver for the project. With over 18,000 students and 1,110 faculty, UMass Lowell is the second-largest public institution in Massachusetts and the university, as well as the greater Lowell region in general, is underserved by high quality modern housing options.
Broadway Village is offered for sale on an “as-is, where-is” basis and without a formal asking price. Upon receipt of a signed confidentiality agreement, qualified investors will be provided with the offering and access to additional due diligence materials via the Real Capital Markets website. Once investors have had an opportunity to review the offering materials, Colliers will schedule a “Call for Offers” date with advanced notice.
For more information on this offering and to sign the Confidentiality Agreement, please visit 341Broadway.colliers.com.
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Project SummaryAddress 341 Broadway Road, Dracut MASite Size 47.5 AcresPermit Type 40B Comprehensive PermitUnits 278Design Four (4) four (4) story buildings; no age restrictions. Rentable Area 291,050 SFAvg Unit Size 1,047Parking 570 spaces - 512 surface and 58 below grade (structured) spaces Affordability 20%-25% of the units are to be set aside for households earning 50% or 80% of the area median income (depending on the Subsidizing Agency). The existing permit stipulates 20% of units at 50% of the AMI (per DHCD/HUD guidelines). The incoming developer has the flexibility to select a different Subsidizing Agency (i.e. MHP, MassHousing or MassDevelopment) and change the unit percentage and AMI threshold structure (e.g. 25% at 80% AMI).
Investment Highlights
With most permits in-place, the project is poised to move forward immediately enabling the incoming developer to capitalize on today’s attractive rental and capital market fundamentals.
The project will benefit from strong underlying demographics --- including an average household income of $107,000 and a median home value of $375,000 in the town of Dracut and more than 560,000 people living within ten miles of the site.
Due to extraordinarily high rental rates in the Boston area, surrounding submarkets and similar towns such as Methuen, Billerica, Andover, and Tewksbury have become attractive value alternatives for residents. In outlying towns around Boston, recently built apartment communities that offer modern living amenities, convenience and access to transit and employers are consistently achieving rents of $2.00-$2.50+/SF.
According to CoStar, the Lowell/Dracut submarket has experienced solid rent growth, sustained high occupancy and very little new supply of apartments in the last decade.
*Per CoStar as of 1/1/20
ENTITLEMENTS/APPROVALS IN-PLACE
STRONG DEMOGRAPHICS
PROVEN DEMAND
GREAT RENTAL MARKET FUNDAMENTALS
Inventory 10,282 units
Vacancy Rate 2.8%
Rent Growth (since 2015) 18% (all vintages/types)
Delivered (since 2010) 233 units
Under Construction 315 units (including 240 units at Crosspoint Towers)
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128
2
2A
9
20
140
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28
101
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NEW HAMPSHIRE
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95
95
95
90
93
93
495
495
190 290
Demographics
Travel Times/Distances
Population Dracut 1 Mile 3 Mile 5 Mile 10 MileEstimated Population (2019) 31,910 3,251 67,675 178,964 560,686
Projected Population (2024) 32,602 3,317 69,871 184,728 578,370
Historical Annual Growth (2010 to 2019)
2,488 0.9% 498 1.7% 5,668 0.9% 12,292 0.8% 37,985 0.8%
HouseholdsEstimated Households (2019) 11,817 1,147 25,002 64,511 203,844
Estimated Average Household Income (2019)
$107,317 $130,001 $87,507 $91,797 $107,412
Estimated Median Household Income (2019)
$96,955 $123,523 $75,102 $76,750 $89,245
Estimated Average Household Size (2019)
2.70 2.83 2.59 2.71 2.70
Labor Force Unemployment Rate 1.5% 1.3% 1.9% 2.1% 1.9%
Home ValuesMedian Home Value $375,808 $426,699 $361,586 $360,348 $387,904
Travel Times/Distances Miles MinutesMBTA Commuter Rail (Lowell Station) 3.5 miles 15 mins
Commute Time to North Station 45 minutes
UMass Lowell Campus 3 miles 8 mins
Boston/Cambridge 30 miles 50 mins
Manchester, NH 30 miles 40 mins
Nashua, NH 14 miles 30 mins
Waltham, MA 25 miles 45 mins
Portsmouth, NH 45 miles 50 mins
MANCHESTER
BOSTON
NEWBURYPORT
PORTSMOUTH
NASHUA
DRACUT
LOWELL LINE
CAMBRIDGE
7
View of Commons Area
BWV
First Dracut Development, 2014
BROADWAY ROAD341
Colliers Boston160 Federal St, 11th Floor
Boston, MA 02110colliers.com/boston
Bruce LusaSenior Vice President617.330.8043Bruce.Lusa@colliers.com
Jonathan BryantAssistant Vice President617.330.8081Jonathan.Bryant@colliers.com
John FlahertyAssistant Vice President 617.330.8151John.Flaherty@colliers.com
Chris SowerExecutive Vice President617.330.8141Chris.Sower@colliers.com
MULTIFAMILY ADVISORY GROUP
This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s). ©2019. All rights reserved.
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