As employment remains strong and multifamily supply remains tight, investors continue to find value in transit-oriented suburban multifamily product. On behalf of Berkshire Group, JLL's Capital Markets team announced the firm completed the sale of Union Place Apartments, in located in the suburban Boston city of Franklin, Massachusetts. Jones Street Investment Partners purchased the 300-unit Class A multifamily asset.
Managing Directors Travis D'Amato and Michael Coyne and Vice Presidents Kevin Gleason and Brendan Shields led the JLL team on the deal. "Investors are finding value in Class A suburban product as Central Business District rents remain on an upward trajectory," said D'Amato. "These assets are often available at a relative discount and provide opportunity to increase revenues with small value-add programs."
Located directly off of I-495, Union Place Apartments is just 25 miles outside of downtown Boston and provides residents with several transit options including access to the Franklin MBTA Commuter Rail Station.
The community is comprised of one and two-bedroom units. Amenities include a state-of-the-art fitness center, a resident clubhouse, a swimming pool with a sundeck and an outdoor kitchen. In-unit amenities include a washer and dryer in every unit, central air conditioning, walk-in closets and vaulted ceilings.