L&G, a U.K.-based asset management company, acquired 292-294 Baker Ave. in Concord, Massachusetts, with plans to develop the property into a multi-building residential community.

While the firm has previously invested in existing multifamily developments, including Alder in Denver and Arkadia in Chicago, the Concord project marks its first ground-up development effort on U.S. soil.

The multifamily community will span two buildings and feature 201 units, 25% of which will qualify as affordable under Massachusetts Chapter 40B guidelines.

L&G and development partner Taurus Investment Holdings plan to begin construction this fall. Completion is scheduled for 2028 and 2029 for the first and second buildings, respectively.

“This development opportunity is an important milestone for our U.S. real estate platform,” L&G’s head of U.S. real estate equity,Alexia Gottschalch, said in a press release. “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 stabilized, operational assets.”