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鈥檚 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: 鈥淭his 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.
鈥淚t also reflects the continued growth of our multifamily capabilities, from development through stabilised, operational assets.鈥�
Roman Hederer, head of portfolio management, institutional retirement, L&G, said: 鈥淭his 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.
鈥淭he 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.鈥�
Peter A Merrigan, CEO of Taurus Investment, said: 鈥淲e 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.
鈥淏y bringing together high-quality design, a meaningful affordability component and a sustainability-focused approach that aligns with Concord鈥檚 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.鈥�
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