L&G JV Buys 200-Unit Metro Boston Community
The seller developed the property in 2009.
L&G, in partnership with Taurus Investment Holdings, has acquired Lynnfield Commons, a 200-unit apartment community in Lynnfield, Mass.
John M. Corcoran & Co. sold the asset and will remain in charge of the day-to-day operations at the property through its management arm.
JMC completed Lynnfield Commons in 2009 with the help of a $35 million construction loan issued by Eastern Bank in March 2008, Yardi Matrix data shows.
Located at 375 Broadway, the property is some 14 miles north of downtown Boston and is adjacent to the Lynn Woods Reservation. Lynnfield Commons is within 2 miles of a Whole Foods Market-anchored shopping center that includes several eateries.
READ ALSO: The Multifamily Market 5 Years After the Pandemic
The garden-style community consists of three four- and five-story buildings across a 14-acre site. The residential units are divided into one- and two-bedroom layouts ranging from 795 to 1,221 square feet. Out of the total number of apartments, 50 units serve as affordable housing.
Amenities include a fitness center, clubhouse, swimming pool, barbecue with picnic area and walking trails. Additionally, the pet-friendly community features grade-level parking with 300 spots.
Boston’s recent investment activity
As of June, Boston has recorded $1.2 billion in multifamily investment sales, according to Yardi Matrix data. A total of 18 properties amounting to 3,370 units changed hands in the past six months in the metro at an average per unit price of $413,711.
Recently, The Hamilton Co. purchased Hill Estates, a 396-unit community in Boston’s suburb of Belmont, Mass., for $175 million. Sold by the DiGiovanni family, this is the first time the asset changed hands since its 1960s completion.
