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A Blackrock Realty Advisors fund paid $103.1 million for a pair of apartment complexes at the Union Point development in Weymouth.
The Commons at Southfield was developed in two phases between 2012 and 2014 by Braintree-based John M. Corcoran & Co. and totals 298 units.
The purchase price equates to nearly $346,000 per unit.
“JMC was one of a few pioneering developers who were the first to break ground at what is now Union Point. The investment has proven out over time, and this sale represents a solid outcome for us and our partners,” John M. Corcoran & Co. Executive Vice President Peter Mahoney said in a statement.
John M. Corcoran & Co. will manage the property for New York-based BlackRock. The firm currently manages 13,000 housing units, including approximately half on behalf of third-party clients.
The Commons at Southfield includes four buildings on Trotter Road and Parkview Street in Weymouth. Average unit sizes are 934 square feet, according to brokerage CBRE.
CBRE’s Simon Butler, Biria St. John and John McLaughlin represented the seller, Corcoran-affiliated partnership Southfield Commons LLC, and procured the buyer.
