Development of Modera Allston: A New Multifamily Community in Boston

Development Announcement of Modera Allston in Boston

In an exciting stride towards addressing Boston's housing needs, Kayne Anderson Real Estate and Mill Creek Residential have officially launched the development of Modera Allston, a remarkable new multifamily community. This venture marks a pivotal addition to the Allston neighborhood, featuring an impressive layout of 240 rental units across six stories.

Located strategically within reach of the city’s major educational, healthcare, and employment hubs, Modera Allston is set to become an integral part of the community. The site acquisition and subsequent development underscore a significant collaboration between the two prominent real estate firms.

Project Overview and Highlights

The Modera Allston project is designed to cater to a growing renter demographic in an area that is currently experiencing a shortage of housing supply. With a project completion target set for 2028, the planned residence will offer a variety of living options including studios, one-bedroom, two-bedroom, and three-bedroom apartments.

Ken Carl, senior managing director at Kayne Anderson Real Estate, highlighted the project's potential, asserting that it delivers high-quality rental housing in a market that has strong long-term fundamentals and limited new supply. This is a direct response to the robust demand stemming from Boston's esteemed universities, top-tier healthcare providers, and a highly educated workforce. The anticipated growth and stability in this segment of the housing market make Modera Allston a strategically advantageous undertaking.

Key Features

Modera Allston aims to deliver not only prime living spaces but also market-leading amenities. These features are designed with the modern urban dweller in mind, contributing to a balanced lifestyle. Residents can expect to benefit from recreational areas, state-of-the-art fitness centers, communal spaces for socializing, and environmentally friendly design elements. Each unit promises to incorporate top-quality finishes, ensuring that tenants will enjoy their living environment.

Tim Alexander, managing director for development at Mill Creek Residential, expressed his enthusiasm about this development. According to him, the proximity of Allston to major employment sectors and transit options, combined with a forecast of limited new developments in the coming years, positions Modera Allston as an exceptional real estate opportunity.

Impact on the Allston Community

Upon completion, Modera Allston is expected to not only enhance the neighborhood’s appeal but also significantly address the pressing housing demand within the Boston Metropolitan Statistical Area (MSA). As cities continue to grow and housing shortages become prevalent, developments like Modera Allston serve as vital infrastructures that support both new residents and long-term community sustainability.

Company Profiles

Mill Creek Residential has built a strong reputation as a national leader in multifamily development and operations. Headquartered in Boca Raton, Florida, the company focuses on building and managing communities that meet the needs of various markets across the United States. As of September 2025, Mill Creek boasts an extensive portfolio of over 43,500 rental homes across 153 communities in desirable markets.

Kayne Anderson Real Estate, on the other hand, manages nearly $20 billion in real estate assets across diverse sectors including multifamily, healthcare, and industrial properties. With over 41 years of investment management experience, Kayne Anderson has established itself as a front-runner in the real estate investment landscape, adeptly navigating opportunities and challenges in the market.

In summary, the commencement of Modera Allston serves as a beacon of hope amid the ongoing housing crisis in Boston. As the project unfolds over the next few years, it is poised to deliver essential living solutions while contributing positively to the Allston community's growth and evolution.