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A California multifamily developer made its fifth acquisition in the Boston suburbs, paying $114.5 million for The Villas at Old Concord.

The 324-unit property at 4 and 5 Riverhurst Road in Billerica previously traded for $86.5 million in June 2017. The latest purchase price equates to over $353,000 per unit.

The seller was an affiliate of Mass mutual subsidiary Barings, according to Middlesex County Registry of Deeds filings. Berkeley Point Capital provided $76.8 million in mortgage financing.

Los-Angeles TruAmerica owns apartment complexes in 16 states. In recent years, TruAmerica acquired the 158-unit J. Highlands at Hudson complex, 115-unit Marquee at Andover, 154-unit Lux at Stoughton and 220-unit Preserve at Cohasset.

Multifamily Sale Yields $114M for Barings in Billerica

by Steve Adams time to read: <1 min
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