L&G Acquires Development Site and Plans to Begin Construction on 201-Unit Multifamily Community in Greater Boston

Chicago, IL (August 12, 2026) – L&G’s Asset Management business in the US has acquired a development site in Concord, Massachusetts and plans to begin construction in 2026 on a new two-building, 201-unit multifamily community. The investment and property development is being made on behalf of L&G’s Institutional Retirement business, which is deploying long-term retirement capital to support new housing supply. The project exemplifies the firm’s continued partnership with Taurus Investment Holdings, LLC (“Taurus”).

The project represents the first funding of a new development in the US for L&G’s Institutional Retirement business, expanding its exposure to high-quality housing assets in markets with strong underlying demand. It also builds on Institutional Retirement’s recent multifamily investments, including Alder in the Denver metro area and Arkadia in downtown Chicago, and reflects L&G’s broader capabilities across both ground-up development and operational multifamily real estate. Construction is expected to begin this fall, with the first building targeted for completion by the end of 2028 and the second expected to follow in 2029.

Located at 292-294 Baker Avenue, the community will include 25% affordable housing under Massachusetts Chapter 40B guidelines in a structurally undersupplied Greater Boston submarket where demand for rental housing continues to outpace new delivery.

L&G is partnering with Taurus as the developer for the project. The firm originated the development opportunity and will oversee execution of the project through construction and delivery, working alongside its strategic energy affiliate, EcoSmart Solution, to support implementation of the project's approach to a high standard of sustainability.¹

The community is designed to target Phius standards and include sustainability features such as on-site solar generation, a geothermal HVAC system and highly efficient mechanical systems. The property will reflect a sustainability-focused residential development concept supported by Taurus, incorporating design elements that are expected to enhance long-term operating efficiency while progressing L&G’s broader commitment to sustainable real assets investing.

Alexia Gottschalch, Head of US Real Estate Equity, L&G – Asset Management – America:

“This development opportunity is an important milestone for our US real estate platform. 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.”

Roman Hederer, Head of Portfolio Management, Institutional Retirement, L&G:

 “This investment reflects our strategy of deploying long-term retirement capital into high-quality housing assets that can deliver stable income and positive outcomes for communities. The project combines strong local fundamentals, an experienced development partner and a clear sustainability approach. We are pleased to support the creation of much-needed rental housing while generating returns for our policyholders.”

Peter A. Merrigan, CEO, Taurus Investment Holdings, LLC:

“We are pleased to partner with L&G on this development, an opportunity that reflects our shared conviction in the long-term fundamentals of the Greater Boston housing market and the critical need for thoughtfully designed residential communities in supply-constrained markets. By bringing together high-quality design, a meaningful affordability component, and a sustainability-focused approach that aligns with Concord’s climate goals, this project is well-positioned to deliver a premier residential asset that addresses a critical housing need and drives long-term value for the community.”

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Further information

Media contact:

Carolyn Gasbarra
Edelman Smithfield
Carolyn.Gasbarra@edelmansmithfield.com
O: 630.220.0017

Notes to editors

1 L&G has a minority stake in Taurus Investment Holdings, LLC.

 

L&G's Asset Management business is a major global investor across public and private markets, with $1.617 trillion in AUM.* Our clients worldwide include individual savers, pension plans and institutions, with the firm having a presence globally from Tokyo, Hong Kong and Singapore to major European financial hubs to Chicago.  

We offer a range of investment solutions, from index-tracking and active funds to liquidity and liability-based risk management strategies.  

Our investment philosophy and processes are focused on creating value over the long term, reflecting L&G’s purpose: “Investing for the long term. Our futures depend on it.” 

*Source: Global AUM as of June 30, 2026. Assets tallied biannually. “Global AUM” aggregates the assets managed by Legal & General Investment Management Ltd. ("LGIM"), Legal & General Investment Management America, Inc. ("LGIMA"), Legal & General Investment Management Asia Limited (“LGIM Asia”) and LGIM Singapore Pte. Ltd. (“LGIM Singapore”). The AUM includes the value of securities and derivatives positions. AUM figures converted using the spot rate at the relevant date.

About Taurus Investment Holdings, LLC

Established in 1997, Taurus Investment Holdings, LLC is a global real estate investment and development firm headquartered in Boston, MA. The firm focuses on strategic investments into value-add, core-plus, opportunistic and development opportunities.  

Throughout North America and Europe, Taurus has built a longstanding track record as an owner-operator of both directly managed and joint venture commercial real estate. To date, Taurus’ fully integrated real estate operating platform has acquired or developed more than 76 million square feet of commercial space across industrial, multifamily, office, mixed-use and renewable energy sectors totaling approximately $12.3 billion in value. 

Disclosures

Legal & General Investment Management America, Inc. (d/b/a L&G – Asset Management, America) is a registered investment adviser with the U.S. Securities and Exchange Commission (“SEC”). L&G – Asset Management, America provides investment advisory services to U.S. clients. L&G’s asset management business more broadly—and the non-L&G – Asset Management, America affiliates that comprise it —are not registered as investment advisers with the SEC and do not independently provide investment advice to U.S. clients. Registration with the SEC does not imply any level of skill or training. L&G – Asset Management refers to the global asset management business of L&G Group PLC. 

The material in this presentation regarding L&G – Asset Management, America is confidential, intended solely for the person to whom it has been delivered and may not be reproduced or distributed. The material provided is for informational purposes only as a one-on-one presentation and is not intended as a solicitation to buy or sell any securities or other financial instruments or to provide any investment advice or service. Where applicable, offers or solicitations will be made only by means of the appropriate Fund’s confidential offering documents, including related subscription documents (collectively, the “Offering Materials”) that will be furnished to prospective investors. Before making an investment decision, investors are advised to carefully review the Offering Materials, and to consult with their tax, financial and legal advisors. L&G – Asset Management, America does not guarantee the timeliness, sequence, accuracy or completeness of information included. The information contained in this presentation, including, without limitation, forward looking statements, portfolio construction and parameters, markets and instruments traded, and strategies employed, reflects L&G – Asset Management, America’s views as of the date hereof and may be changed in response to L&G – Asset Management, America’s perception of changing market conditions, or otherwise, without further notice to you. Accordingly, the information herein should not be relied on in making any investment decision, as an investment always carries with it the risk of loss and the vulnerability to changing economic, market or political conditions, including but not limited to changes in interest rates, issuer, credit and inflation risk, foreign exchange rates, securities prices, market indexes, operational or financial conditions of companies or other factors. Past performance should not be taken as an indication or guarantee of future performance and no representation, express or implied, is made regarding future performance or that L&G – Asset Management, America’s investment or risk management process will be successful.  

Certain information contained in this document constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “seek,” “expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue,” “believe,” the negatives thereof, other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or the actual performance of the Fund may differ materially from those reflected or contemplated in such forward-looking statements. 

Unless otherwise stated, references herein to "L&G", "we" and "us" are meant to capture the global conglomerate that includes Legal & General Investment Management Ltd. (a U.K. FCA authorized adviser), Legal & General Investment Management America, Inc. (a U.S. SEC registered investment adviser) Legal & General Investment Management Asia Limited (a Hong Kong SFC registered adviser), Legal & General Investment Management Japan KK (licensed by the FAS in Japan), and LGIM Singapore Pte. Ltd. (licensed by the MAS in Singapore).