Image | Courtesy of Sumitomo Forestry Co.
A rendering of Milford Vista
December 30, 2024
Future site of 260-unit, wooden-framed Milford apartment complex sells for $9M
Image | Courtesy of Google Maps
Deer Street in Milford is set to see more residents in 2025, as Fairfield Residential Co. and Sumitomo Forestry Co. are joining forces to construct a 260-unit apartment complex there.
A plot of land in Milford has been sold for $9.1 million to a California-based residential developer, as the firm plans on teaming up with a Japanese logging and wood processing company to construct two all-wood residential buildings at the site.
The property, located at 300-400 Deer St. in Milford adjacent to Interstate 495, was sold in a deal finalized on Dec. 16, according to Worcester District Registry of Deeds records. The property was purchased by an entity managed by Fairfield Residential Co., a large multi-family development firm based in San Diego.
Fairfield will be working with Sumitomo Forestry Co., a Tokyo-based company specializing in forestry services and wood-based construction, to build two wooden-framed apartment buildings at the site, according to a Sumitomo press release issued Dec. 16. The 260-unit development will operate under the name Milford Vista.
The parcel was purchased from an entity managed by the Gutierrez Co., a Burlington-based real estate investment firm. The project will be built next to a 242-unit residential complex known as The Quill, which was completed by Fairfield in May 2023.
Fairfield and Sumitomo are embarking on this project in an attempt to popularize the construction of wooden-framed buildings, with the aim of reducing costs and greenhouse emissions.
“To control costs compared to reinforced concrete structures, the project will adopt the wooden frame wall construction method using standard 2x6 lumber,” the press release reads. “Wood construction has the benefit of generally lower CO2 emissions during construction (embodied carbon) than steel-frame or RC construction. Furthermore, because trees sequester the CO2 they absorb during the growth process as carbon, this project, which utilizes a large amount of wood in its structural materials and interiors, will continue to fix carbon for long periods of time and contribute to the realization of a decarbonized society.”
Developers are increasingly turning to all-wood construction methods as a means to reduce multi-family building costs, according to MultiFamilyExecutive.com, as builders deal with rising construction and labor costs which have led to delays and cancellations of several multi-family projects in Central Massachusetts.
Entering the United States multi-family market in 2018, Sumitomo is the ninth largest supplier of new residential units in the country, according to the National Multifamily Housing Council of the United States. The company aims to produce over 10,000 multi-family rental housing units by 2027.
Construction of Milford Vista is expected to begin in January, with the property’s first leases being signed in October, according to the press release. Amenities at the site will include a pool and co-working space.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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