TruAmerica Multifamily has acquired J Highlands at Hudson, a 158-unit multifamily community in suburban Boston. Jefferson Apartment Group sold the asset for $39.5 million, according to Yardi Matrix data. Walker & Dunlop represented the seller and arranged a $27.7 million, five-year Freddie Mac loan for the buyer, the same source shows.
Completed in 2005, the property comprises two buildings with one-, two- and three-bedroom floorplans that range from 717 to 1,060 square feet. Apartments feature in-unit washers and dryers, and private balconies or patios. Common-area amenities include a swimming pool, fitness center, dog park, basketball court and bike repair stations. Of the total number of units, 25 percent are designated as affordable.
Located at 307 Central St., in the suburb of Hudson, the 12-acre property is near Interstate 495 and roughly 40 miles west of Boston and some 2 miles from central Hudson. It is also within walking distance of the Shops at Highland Commons shopping mall.
Boston transaction activity
Walker and Dunlop Senior Director Brendan Shields, along with Managing Directors Michael Coyne and Travis D’Amato, as well as Associate Director Maggie McFarland represented Jefferson Apartment Group in the transaction. The firm’s Senior Director Russell Dey and Senior Managing Director Trevor Fase arranged the acquisition financing.
Throughout 2023, 27 properties—of 50 units or more—traded in greater Boston, for a total of 4,587 units, according to Yardi Matrix information. Investment volume amounted to $2.4 billion, with the average price per square foot clocking in at $409,640, the same source shows. A recent significant deal in the metro was Aker’s $70 million acquisition of a 100-year-old community.