The US asset management arm of UK-based financial services firm Legal & General (L&G) has acquired a residential development site in Massachusetts, in what marks the first funding of a new US development for its institutional retirement business.
L&G has invested an undisclosed sum to acquire the site in Concord, which will be developed alongside Taurus Investment to create a two-building, 201-unit multifamily community.
The deal builds on L&G’s US real estate platform, which debuted in 2022 through a life sciences and technology venture with Ancora. L&G subsequently expanded into multifamily in October 2024 by acquiring a stake in Taurus and committing up to $200m in seed capital.
Construction at the 292-294 Baker Avenue site in Concord is expected to begin this autumn, with the first building targeted for completion by the end of 2028 and the second following in 2029, L&G said.
Alexia Gottschalch, head of US real estate equity at L&G, asset management, America, said: “This development opportunity is an important milestone for our US real estate platform. By acquiring the site and moving into construction on a high-quality multifamily community in 2026, we are expanding our presence in a supply-constrained Greater Boston market with a project that combines strong housing fundamentals, meaningful affordability and leading sustainability ambitions.
“It also reflects the continued growth of our multifamily capabilities, from development through stabilised, operational assets.”
Roman Hederer, head of portfolio management, institutional retirement, L&G, said: “This investment reflects our strategy of deploying long-term retirement capital into high-quality housing assets that can deliver stable income and positive outcomes for communities.
“The project combines strong local fundamentals, an experienced development partner and a clear sustainability approach. We are pleased to support the creation of much-needed rental housing while generating returns for our policyholders.”
Peter A Merrigan, CEO of Taurus Investment, said: “We are pleased to partner with L&G on this development, an opportunity that reflects our shared conviction in the long-term fundamentals of the Greater Boston housing market and the critical need for thoughtfully designed residential communities in supply-constrained markets.
“By bringing together high-quality design, a meaningful affordability component and a sustainability-focused approach that aligns with Concord’s climate goals, this project is well positioned to deliver a premier residential asset that addresses a critical housing need and drives long-term value for the community.”
To read the latest IPE Real Assets magazine click here.
