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JLL IPT Snags North Andover Apartments for $73M
JLL Income Property Trust, an institutionally managed daily NAV REIT has acquired Princeton North Andover, a 192-unit, luxury apartment community in Boston suburb of North Andover. The sales price was $72.5 million.
Built in 2019, Princeton North Andover features high-end unit finishes and provides residents with a community amenity package including a fitness center, pool, yoga studio, outdoor grilling areas and resident clubhouse. The property also offers suburban walkability with nearby live-work-play amenities including retail, restaurants, and a commuter rail station just two miles away.
“This addition to our growing apartment portfolio fits extremely well with our strategy to invest in amenity-rich, newer communities with high barriers to entry for new competition,” said Allan Swaringen, President and CEO at JLL Income Property Trust. “North Andover’s strict limits on future multifamily development, higher single-family home prices and educated workforce create an environment where luxury apartment communities will continue to be in-demand and should be attractive long-term investments within our diversified portfolio.”
The seller was undisclosed.
- ◦Acquisition
