Pioneer Apartment Community Sells for Record $132 Million

The Pioneer apartment community on the Parkway – one of the first such new residences to open in the formerly industrial Commercial Triangle – has sold to Northwestern Mutual Life of Milwaukee for $132 million in a recent trade.

The Pioneer features 286 units of apartment housing with 50 different layouts and it opened to tenants in early 2019 – boasting some of the most modern amenities like fitness centers and community rooms and outdoor courtyards that Everett had yet to see. It was also literally the pioneer housing program in the Commercial Triangle, which now has thousands of units under construction or in the queue.

The Pioneer was the second such development for Andy Montelli of Post Road Development, as he had previously developed and then sold The Batch Yard on Lower Broadway long before Encore Boston Harbor located there. The Pioneer has now been equally successful in selling for a record price in the district, and transferring to a notable company like Northwestern Mutual.

“Northwestern Mutual is seen as among the most blue-chip real estate investors in the nation, and it’s a tribute to the work Mayor Carlo DeMaria, and the entire City, have done,” Montelli said this week. “To be able to attract this sort of prestigious investor to the City of Everett is significant.”

Northwestern Mutual was not immediately available for comment, but had reached out to the paper to confirm the purchase. The Pioneer is located on the site of the former Harley Davidson motorcycle dealership, which moved to Revere several years ago. Other new residential projects in the works for the area include GreyStar Development’s 600-plus unit community next to the Pioneer on the Wood Waste property. That project, as of February, was nearing the construction phase. Other projects nearby include a very large, 800-unit mixed-use community on the former Stop & Shop site just east of The Pioneer. This week, SkyEverett – a 21-story residential tower – was approved for the Triangle area, and Block Properties has 320 units of housing in a mixed-use development planned for property at Second and Vine Streets.

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