Photo courtesy of Foxfield

Boston-based Foxfield sold one of its three residential properties in Beverly, reaping $11.12 million from the sale of 50 Broadway.

The 45-unit rental complex is located a block from the Beverly Depot station on the MBTA commuter rail’s Newburyport/Rockport line. The buyer is an affiliate of Quincy-based Grossman Companies, according to an Essex County deed.

Foxfield acquired the property in 2021 in a partnership with Taymil Partners. The property previously traded for $9.675 million, according to data compiled by The Warren Group, publisher of Banker & Tradesman.

The latest purchase price equates to over $247,000 per unit.

Foxfield has two remaining Beverly properties  – the Enterprise and Burnham buildings – totaling 83 units.

“The sale of 50 Broadway reflects the success of our strategy to invest in well-located multifamily assets that bring long-term value to residents and investors alike,” Foxfield Partner Shawn Hawthorne said in a statement.

Walker & Dunlop’s Kevin Gleason and Henry Smith oversaw the transaction.

Since its founding in 2011, Foxfield has acquired $1.5 billion of real estate and currently has a $1 billion development pipeline.