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Norwood Apartment Community Trades for $114M

Photo courtesy of the town of Norwood

A Norwood apartment complex was acquired by a Colorado-based multifamily landlord UDR Inc. for $114.3 million.

TD Bank provided at $45.72 million mortgage according to documents filed in the Norfolk Registry of Deeds.

The 8 Upland Woods Circle property includes 262 apartments in eight midrise buildings and previously traded for $93 million in 2017, when Cottonwood Residential acquired the 23-acre site.

UDR Inc. owns more than 60,000 apartments nationwide.

Through the first nine months of 2023, UDR reported revenue growth of 8.5 percent in its Northeast portfolio, which was 97 percent occupied.

The complex currently lists apartments starting at monthly rents of $2,295, according to Apartments.com. The development by Thorndike and Campanelli was completed on a portion of the former Polaroid campus.

B&T Daily