Investor demand continues to outpace the availability of deals, putting upward pressure on pricing across product type and geography and causing suburban investment yields to begin converging with urban yields for select, well-located assets.
The Interstate 495 corridor, particularly the MetroWest area, has become attractive for investors and developers looking to maximize their returns as office and lab uses out-compete multifamily projects on rents. Two recent sales are no exception.
Multifamily developer Bell Partners has acquired a 148-unit apartment complex in Salem for $52.2 million.
A 250-unit Shrewsbury apartment complex has been sold for $77 million, according to documents filed with the Worcester Registry of Deeds.
A partnership between Jefferson Apartment Group and LaSalle Investment Management have bought a large apartment high rise in the Longwood Medical Area.
A San Francisco multifamily real estate investor has made its first acquisition in Greater Boston, paying $130 million for a 562-unit apartment complex in Westborough.
