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Boston & New England  + Metro Boston  + Apartments  | 

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.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

  • ◦Acquisition
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