Image courtesy of TruAmerica Multifamily

A Los Angeles multifamily developer acquired a 179-unit Stoughton apartment complex as part of its focus on expanding its portfolio in supply-constrained Greater Boston.

The Sto at Stoughton was acquired by TruAmerica Multifamily Investments for $62.5 million from Braintree-based John M. Corcoran & Co.

The sales price equates to $349,162 per unit. The property previously traded for $51.9 million in March 2021.

“Massachusetts continues to face acute housing affordability challenges, and Greater Boston remains one of the most supply-constrained rental markets in the country,” TruAmerica Chief Investment Officer Noah Hochman said in a statement. “With homeownership in communities like Stoughton now more than double the cost of in-place rents, well-located rental housing is essential.”

TruAmerica’s investments include market-rate and affordable housing properties totaling nearly 6,000 units. The company owns and manages more than 1,650 apartments in Greater Boston after entering the market six years ago. Past investments include properties in Andover, Cohasset, Hudson and Stoughton. 

In all, TruAmerica completed $2.5 billion in transactions including acquisitions, dispositions, refinancings and recapitalizations over the past year, the company announced in a press release.

The Sto complex includes apartments averaging 1,334 square feet. TruAmerica announced that it plans to reinvest in common areas and unit interiors.

CBRE’s Simon Butler and Patrick Stapleton arranged the transaction, while CBRE’s Ryan Greer and Spencer Beckwith sourced permanent financing.

CBRE Multifamily Capital provided $44 million in acquisition financing, according to a Norfolk County mortgage.