Simpson Housing purchased a 446-unit apartment complex from Fairfield Residential LLC for $124.6 million.
The complex, called Highlands at Dearborn, is located in Peabody, Mass., and consists of 18 three-story buildings containing one, two and three bedroom apartments. The sale closed August 20.
The Peabody apartments are the first acquisition Denver, Colorado-based Simpson has made in the Boston market, according to a statement from Apartment Realty Advisors which brokered the sale of the property on behalf of the buyer and seller. Simpson, a real estate development and management firm, is involved in the permitting of three sites in the Boston area totaling 700 units of housing.
"As Simpson Housing's first entry into the Boston market, we couldn't be more satisfied with Highland at Dearborn's premier location, high level of finishes and its amenity package," said Spencer Welton, Simpson's senior vice president of development, in a statement. "It will undoubtedly be a successful venture for our company and it presents the perfect opportunity for Simpson to establish a management presence in the Boston area."
Highlands at Dearborn is located on 24.9 acres and faces Interstate 95 and Route 128. Construction of the apartment project was completed in July of this year and it was approximately 60 percent occupied at time of sale.
Source: Boston Business Journal