L&G’s U.S. Asset Management business and Taurus Investment Holdings, LLC have begun construction on a new multifamily community at 292–294 Baker Ave. in Concord, MA. The partners recently held a groundbreaking ceremony that brought together local officials, community representatives and project collaborators to mark the start of site work for the project.
The development consists of two residential buildings totaling 201 apartments. The project is being undertaken on behalf of L&G’s Institutional Retirement business, which is providing the investment capital for the property. According to the companies, this marks the first time L&G’s Institutional Retirement business has funded a ground-up development in the U.S., extending its presence beyond prior multifamily investments.
The new community is located in a Greater Boston submarket that is described as structurally undersupplied with rental housing. In response to local housing needs and regulatory requirements, 25% of the units are planned as affordable housing under Massachusetts Chapter 40B guidelines. This allocation is intended to expand access to housing options within the Concord area while contributing to the region’s broader affordable housing targets.
L&G notes that the Concord development builds on the Institutional Retirement business’s growing multifamily portfolio, which already includes The Alder in the Denver metro area and Arkadia West Loop in downtown Chicago. Those earlier acquisitions established the platform’s presence in key U.S. rental markets, and the Concord project adds a new development component in the Greater Boston region.
Construction on the Concord property is scheduled to begin this year. The first of the two buildings is targeted for completion by the end of 2028, with the second building expected to deliver in 2029. Upon full completion, the project will add 201 units of new multifamily housing to an area characterized by limited existing supply.
The groundbreaking underscores ongoing institutional interest in U.S. multifamily, with L&G and Taurus moving ahead on a long-term development timeline in a market identified as needing additional rental inventory. Local stakeholders and project partners participated in the ceremony as site work commenced, signaling the formal launch of the multiyear construction and delivery process.
