Linda Berry, a spokesperson for SSR Realty declined to disclose the purchase price, but she tells GlobeSt.com that a forward commitment, or pre-sale, usually means that the buyer is receiving a favorable price. Tom Meagher of Northeast Apartment Advisors, a research firm on multi-unit properties, tells GlobeSt.com that the price of the property will probably sound low in the current market. "The market [in December 2000, when the presale was signed] wasn't quite as hot then as it is now," he says. "It's safe to say the buyer got a pretty good deal."

Jill Hatton, managing director of the Core Separate Accounts notes that the acquisition of this property is consistent with business unit's strategy of investing in well-located apartment properties with proximity to key modes of transportation. Peter McNally, SSR Realty portfolio manager adds this is the kind of acquisition the firm is seeking to provide its clients with "stable income returns and the potential for long-term appreciation." He points out that this property is a "particularly attractive investment due to the quality of its design and construction, its infill location in an underserved market and the forward-commitment structure of the acquisition, which resulted in a favorable purchase price."

Completed in early 2003, Salem Station consists of a mix of one-, two- and three-bedroom units in five four-story buildings and 30 town homes. The site features a clubhouse, pool, and fitness and business centers and is adjacent to a commuter rail station that is less than 30 minutes from North Station in downtown Boston.

SSR Realty Advisors, Inc. is a subsidiary of MetLife and an affiliate of Boston-based State Street Research & Management Company. The company provides real estate investment management advisory services to pension plan sponsors and other institutional investors. Based in Morristown, NJ, San Francisco, Boston and Laguna Niguel, CA, the firm has more than $5 billion of assets under management on behalf of nearly 100 institutional clients.