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JLL completes sale of Arboretum Apartments
Investors continue to look to Boston's suburbs as connectivity to the city and access to top employers make the area's multifamily assets highly desirable. JLL's Capital Markets experts today announced the firm completed the sale of the Arboretum Apartments in Canton, Massachusetts. Universal Realty Inc. purchased the 156-unit, value-add multifamily asset.
According to Universal Realty founder Stuart Levey: "We are very picky. The Arboretum Apartments have great bones, the demographics are really strong, and the location off Route 138 is excellent. When we looked at all that, and what we think is great pricing, we decided to go for it. We're very excited about this acquisition."
Managing Directors Travis D'Amato and Michael Coyne, and Vice Presidents Kevin Gleason and Brendan Shields led the JLL team on the deal.
"Arboretum Apartments presented a tremendous opportunity to take advantage of a thriving suburban multifamily market at a discount to the surrounding assets," said D'Amato.
Located in directly off Route 138, Arboretum Apartments is just 11 miles south of downtown Boston. Residents are connected to the city via the nearby Canton Junction MBTA commuter train and are also within two miles of several retail and dining options.
Comprised of 12 buildings and a resident clubhouse, Arboretum Apartments offer community amenities such as an on-site dog park, an outdoor basketball court, a fitness center, a grilling area, a pool and a playground. In-unit amenities include private balconies, washer/dryer, central air conditioning, walk-in closets and kitchens with breakfast bars.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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