JP Morgan Unit Acquires Massachusetts Luxury Apartment for $63.1M
- Jan 02, 2014
By Keith Loria, Contributing Writer
Reading, Mass.— Institutional investors advised by J.P. Morgan Asset Management acquired Reading Commons, a 204-unit luxury apartment community located 10 miles north of Boston in Reading, Mass., from an affiliate of Henderson Global Investors for $63.1 million.
Jones Lang LaSalle’s Capital Markets team of senior vice presidents Michael Coyne, Travis D’Amato and Jonathan Schneider, as well as associates Kevin Gleason and Brendan Shields, represented the seller in the transaction.
“This is an outstanding property, a core, high-end product that was the subject of intense interest in the marketplace,” D’Amato says. “With its excellent location and the robust health of the local apartment market, there is every reason to believe this prime asset will be a top performer for years to come.”
Originally built in 2006, Reading Commons is located close by the intersection of Route 128 and Interstate 93, minutes away from the Burlington Mall and Lake Quannapowitt.
The community offers gourmet kitchens that feature granite counter tops, cherry wooden cabinets and stainless steel appliances. Bathrooms are appointed with soaking tubs, oversized mirrors and ceramic tiles.
Amenities at Reading Commons include a heated pool with grilling area, a fitness center, and underground parking for 62 vehicles and 30 detached garages. A central home theater is available for private movie nights as well as resident gatherings.
Rents range from $1,660 to $2,062 per month for one-bedrooms, with two-bedrooms fetching $2,300 to $3,257 per month.
Henderson Global Investors has owned the property since 2008, buying it for $48.5 million at the time.