Trammell Crow Residential (TCR) has announced the start of construction on Alexan Peabody, a new luxury multifamily residence in Peabody, Massachusetts, US. 

The four-storey development is located at 128 Newbury Street along Route 1, one mile north of I-95/Route 128.   

It will feature 180 units comprising both market-rate and affordable studio, one-, two-, and three-bedroom homes. 

The units will feature wood-style plank flooring, stainless steel appliances, in-unit washers and dryers, and walk-in closets. 

Allowed under the 40B development permit, 25% of the units at the site will be designated as affordable housing, targeted at those earning 80% of the area median income. 

The development will also provide amenities such as a resort-style pool, a business centre, grilling stations, a fitness facility, outdoor courtyards, and an event room, among others. 

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Construction is expected to be completed in the fourth quarter (Q4) of 2025. 

The Alexan Peabody community will be in proximity to lifestyle centres such as MarketStreet Lynnfield and Northshore Mall, offering residents access to a range of dining and entertainment options. 

TCR Northeast Division managing director Andy Huntoon said: “Alexan Peabody provides much-needed market-rate and affordable housing to Boston’s North Shore.

“The development of the site will beautify a previously clear-cut parcel of land, and we’re appreciative of the cooperative working relationship with the neighbours and the City of Peabody that helped make this project possible. 

“We believe there is an incredible opportunity to continue to meet Greater Boston’s housing demand while creating jobs and providing solid risk-adjusted returns for our financial partners.” 

The latest addition brings TCR’s Northeast apartment portfolio to more than 1,600 units across different development stages.