Boston-Area Community Commands $227M
- Jun 13, 2019
An affiliate of the DSF Group has acquired Jefferson Hills Apartments, a 1,020-unit multifamily community in Framingham, Mass., for $227 million from LivCor. The new owner has also secured a $160.7 million Freddie Mac loan that matures in 2026, Yardi Matrix data shows. CBRE Capital Markets originated the loan.
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Located about 26 miles from downtown Boston, the four-building property last changed hands in 2015 when Greystar sold the community for $202.9 million. The location offers easy access to interstates 90 and 495 and is close to a variety of shopping and dining options, as well as Framingham State University.
“The Framingham job market is one of the best in the state with an unemployment rate of 2.1 percent and is headquarters to some of the state’s largest employers such as TJX Companies, Staples and Bose Corporation,” DSF Group President Josh Solomon told Multi-Housing News.
Built in 1972, Jefferson Hills Apartments is currently 95 percent occupied and offers a mix of studio, one- and two-bedroom units averaging 639 square feet. Resident amenities at the property include a fitness center, business center, clubhouse, tennis court, volleyball court, basketball court, swimming pool, laundry facilities and 1,464 covered parking spaces.
Last December, DSF sold the 588-unit Halstead New Rochelle luxury rental tower in New Rochelle, N.Y., to a joint venture of Harbor Group International and Azure Partners for $259.4 million. Additionally, last February, the firm sold a 280-unit community in the Boston area for $76 million.