TruAmerica Completes Fifth Boston Multifamily Acquisition

TruAmerica Multifamily, a national, institutionally focused multifamily investment firm, acquired the Villas at Old Concord, a 324-unit apartment community in the Boston suburb of Billerica, MA. The acquisition price was not disclosed. The acquisition marks TruAmerica’s fifth in the Boston metro area.

“Boston is arguably one of the most appealing multifamily markets in the country given strong resident demographics and the breadth of job opportunities,” said Matt Ferrari, head of acquisitions and co-CIO of Los Angeles-based TruAmerica. “The Villas at Old Concord has a prime location in Billerica, one of Boston’s most well-located suburbs, providing residents with excellent connectivity to major employment hubs. This acquisition aligns well with our investment strategy, and we’re excited to grow our footprint in this vibrant, high-growth community.”

Tom Greeley, Robert Griffin, and Mike Byrne of Newmark represented the undisclosed seller, while Mitch Clarfield of Newmark procured debt for TruAmerica.

What does 2025 hold for the Tri-State multifamily market? On October 1, hear industry experts forecast where the region stands compared to the nation, where new development is headed, and what transactional activity and rental demand will look like by the end of 2024 and into 2025. Don’t miss this key discussion at Connect Tri-State Multifamily.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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