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L&G/Taurus Partnership Acquires Lynnfield Garden Apartments
A partnership of Legal & General’s (L&G) asset management division and Taurus Investment Holdings acquired Lynnfield Commons, a 200-unit garden-style apartment community in Lynnfield, MA, within the North Shore submarket of Boston. The seller was John M. Corcoran & Company (JMC), which developed and built the property in 2009. The purchase price was not disclosed.
JMC will stay on as property manager for Lynnfield Commons. “With more than 70 years in property operations, JMC is able to deliver seamless solutions as a third-party manager and that segment of our business is growing,” said Bob Ruzzo, EVP of JMC’s property management arm.
The acquisition is the second U.S. multifamily deal the L&G/Taurus partnership has made in under a year, following Arkadia in Chicago’s West Loop. “Multifamily continues to be one of the strongest performing real estate sectors in the U.S., and by leveraging our strategic partnership with Taurus, we are meeting significant investor demand for exposure to this market,” said Bill Hughes, head of private markets, asset management, L&G.
