Mill Creek Residential Begins Construction on 240-Unit Housing Development in Allston

Florida-based rental housing developer Mill Creek Residential broke ground on a six-story apartment complex that will bring 240 residential units to Allston, less than a mile from Harvard Business School and the Enterprise Research Campus.

The project will introduce Mill Creek’s Modera brand — a chain of luxury apartments — to the neighborhood, with units ranging from studios to three-bedroom apartments. The development is expected to welcome its first residents in early 2028.

The proposal is not new to neighbors. Mill Creek filed a letter of intent in May 2023, and the Boston Planning & Development Agency approved the project in January 2025.

The development will replace a vacant commercial building at 250 Everett St. with approximately 250,000 square feet of residential space and a 117-space underground garage, according to the 2023 letter of intent. About 17 percent of the units will be income-restricted for households earning up to 70 percent of the area median income, in line with Boston’s inclusionary development policy.

Earlier this year, Mill Creek secured a $95 million loan from Santander Bank to demolish the existing structure and begin construction. The project is a joint venture with real estate investment firm Kayne Anderson Real Estate, which partnered with Mill Creek to purchase the site for $19.4 million last December through Allston Properties KP7 LLC.

The project will also offer residents underground garage parking with EV-charging stations, bike storage, and a community bike repair station.

Modera Allston is one of several developments attempting to add new residential capacity to a neighborhood which has long suffered from a lack of housing and high rental prices. Allston has been particularly strained by a shortage of multifamily homes and rising demand in recent years, according to a report from the Allston-Brighton Community Development Corporation published in 2019.

Lower Allston has seen a significant boom of mixed-use development in the last year, particularly along Western Avenue as projects from Harvard and other commercial developers near completion.

Last month, The Atlas Hotel at the ERC opened its doors to guests. The NEXUS Innovation Corridor — stretching from 250-280 Western Avenue — was completed in 2025, adding more than 21,000 square feet of mixed-use development to the neighborhood.

And a wave of commercial retail developments have also taken root in Lower Allston in the last six months, including the Ama Restaurant at The Atlas, FiDO Pizza, and a branch of Molly’s Bookstore.

“The Allston neighborhood has experienced exciting growth and continues to be a sought-after living destination,” wrote Tim Alexander, managing director of development for Mill Creek, in a press release.

Mill Creek owns and operates rental developments nationwide and maintains an existing presence in Massachusetts, with Modera properties in Revere, Medford, Needham, and Newton. The Allston development marks the company’s first project in Boston.

Developers cited the site’s proximity to Harvard as a key draw, saying the apartments will offer “prime access” to Harvard Business School and the Enterprise Research Campus.

“We’re eager to get started and soon provide a top-of-market option for the area’s current and future residents,” Alexander wrote.

—Staff writer Thamini Vijeyasingam can be reached at [email protected]. Follow her on X @vijeyasingam.

—Staff writer Kevin Zhong can be reached at [email protected].