Campanelli, Thorndike Sell MA Luxury Asset for $54M
- Mar 28, 2018
A joint venture of Campanelli and Thorndike Development has sold the 188-unit East Main Apartments in Norton, Mass. Jones St. Investment Partners acquired the luxury asset in a $53.7 million transaction facilitated by JLL’s Capital Markets team.
The property is located at 274 East Main St., in the northeast part of the city. East Main Apartments offer easy access to interstates 495 and 95, with Providence, R.I., a 30-minute drive away. Downtown Boston is situated roughly one hour’s drive north of the site.
Campanelli Construction completed the community in 2017. The pet-friendly, smoke-free property features common-area amenities, such as:
- swimming pool
- outdoor kitchen with grills
- fitness center
- yoga room
- rustic clubhouse
- outdoor lounge with fire pit
JLL’s team included Managing Directors Michael Coyne and Travis D’Amato, along with Vice Presidents Kevin Gleason and Brendan Shields.
“Boston is one of the most stable multifamily markets in the country due to its diverse economy, highly educated population and stringent development controls,” said D’Amato, in prepared remarks. “As a result, multifamily product in Boston and the surrounding area boast stable occupancy and consistent rent growth, both of which are highly attractive for investors.”
Image courtesy of Campanelli