A joint venture of The Schochet Cos. and Jonathan Rose Cos. has acquired Glen Meadow, a 288-unit garden-style apartment complex in Franklin, for $51.1 million.

Built in 1971, the complex contains eight 2-story buildings housing 88 one-bedroom and 200 two-bedroom townhouses with an average size of 907 square feet.

CBRE/NE’s multihousing experts Simon Butler and Biria St. John exclusively represented the seller, Chicago-based Equity Residential, and procured the buyer, Glen Meadow Owner LLC. The new owner is a joint venture of Braintree-based Schochet Cos. and Rose Affordable Housing Preservation Fund IV, an affiliate of Jonathan Rose Cos. of New York.

“The sale marked the successful conclusion to an investment that yielded strong results for the seller, while at the same time offering the buyer strong yields on a good forward basis and the potential for a value-add execution,” Butler said in a statement.

Schochet Cos. owns and/or manages more than 5,000 apartments in New England.