Mill Creek Residential and Kayne Anderson Real Estate Commence Development of Modera Allston, a 240-Unit Class A Multifamily Community in Boston

Joint Venture Between Kayne Anderson Real Estate and Mill Creek Residential Brings a 240-Unit Class A Community to Boston's Allston Neighborhood

BOSTON and BOCA RATON, Fla., Jan. 27, 2026 /PRNewswire/ -- Kayne Anderson Real Estate and Mill Creek Residential today announced the acquisition of land and commencement of development of Modera Allston, a 240-unit, Class A multifamily community located in the Allston neighborhood of Boston, Massachusetts.

Modera Allston will be a six-story apartment community, strategically positioned near premier educational, healthcare, and employment centers within the Boston metropolitan area. The project is being developed through a joint venture between Kayne Anderson Real Estate and Mill Creek Residential.

The development is expected to be delivered in 2028 and will feature a mix of studio, one-, two-, and three-bedroom residences, along with market-leading amenities designed to meet the needs of a growing renter population in one of the nation's most supply-constrained housing markets.

"Modera Allston represents a compelling opportunity to deliver high-quality rental housing in a market with strong long-term fundamentals and limited new supply," said Ken Carl, senior managing director and head of multifamily and student housing for Kayne Anderson Real Estate. "Boston continues to benefit from durable demand drivers, including world-class universities, healthcare institutions, and a highly educated workforce. We are excited to partner with Mill Creek Residential to execute this development."

Mill Creek Residential, a nationally recognized multifamily developer and operator, will oversee development and construction of the project.

"Modera Allston builds on our long-standing success developing multifamily communities in high-barrier metropolitan markets," said Tim Alexander, managing director of development in Boston for Mill Creek Residential. "Allston's proximity to major employment centers and transit infrastructure, combined with limited future supply, makes it an ideal location for a thoughtfully designed residential community."

Upon completion, Modera Allston is expected to contribute to the growth and vitality of the Allston neighborhood while addressing persistent housing demand within the Boston MSA.

About Mill Creek Residential

Mill Creek Residential is a national rental housing company focused on developing, acquiring, and operating rental communities in targeted markets nationwide. The national company, headquartered in Boca Raton, Florida, proactively develops, acquires, constructs, and operates communities through its seasoned team of real estate professionals in offices across the United States. Mill Creek is building its portfolio in many of the nation's most desirable markets in Seattle, Portland, the San Francisco Bay area, Sacramento, Southern California, Salt Lake City, Phoenix, Denver, Dallas, Austin, Houston, South Florida, Tampa, Orlando, Atlanta, Nashville, Charlotte, Raleigh, Washington, D.C., New Jersey, New York, and Boston. As of September 30, 2025, the company's portfolio comprises 153 communities representing over 43,500 rental homes operating or under construction. For more information, please visit MillCreekPlaces.com. 

About Kayne Anderson Real Estate

Kayne Anderson Real Estate is a leading real estate investment firm, managing nearly $20 billion in assets under management across opportunistic equity, core equity, and real estate debt, with sector expertise in medical office, seniors housing, off-campus student housing, multifamily housing, self-storage, and light industrial. Kayne Anderson Real Estate is part of Kayne Anderson, an approximately $40 billion alternative investment management firm with more than 41 years of successful experience across real estate, infrastructure, energy, and credit. For more information, visit www.kayneanderson.com/real-estate/.  (As of January 2026)

Media Contacts: 

Mill Creek Residential
Stephen Ursery
[email protected] 

Kayne Anderson Real Estate
Jon Keehner / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

SOURCE Kayne Anderson Real Estate