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Norwood Apartment Property Sold for $103.6M

Photo courtesy of Jefferson Apartment Group

A joint venture has sold a 262-unit apartment complex completed in 2016 for $103.6 million to Cottonwood Communities, a Salt Lake City-based multifamily REIT.

McLean, Virginia-based Jefferson Apartment Group and KKR acquired the eight-building Jefferson One Upland complex in October 2017 for $93 million from the original developer, Campanelli Thorndike Norwood LLC.

“We are all living in truly unprecedented times. But despite the coronavirus pandemic, we were able to complete the successful sale of our asset in Boston. Jefferson One Upland is an attractive community, well managed and sold to an astute buyer,” Jim Butz, CEO of Jefferson Apartment Group, said in a statement.

Cottonwood is an integrated multifamily REIT that owns approximately 14,000 apartment units nationwide.

B&T Daily