Located directly off Route 128, Folly Hill Apartments is a class B residential community that was built in 1974, and extensively renovated between 2000 and 2001 by JMG at a cost of $10,000 to $12,000 per unit, according to president and CEO Lenny Blevins.

The property consists of 11 garden-style apartment buildings with a mix of one- and two-bedroom units, with an average unit size of 900 sf. A one-bedroom apartment rents for about $1,000 a month and a two-bedroom, one-and-a-half bath goes for $1,200 and up. The community amenities include a leasing center, fitness center, outdoor swimming pool, central laundry rooms and surface parking. The complex is currently 90% occupied, according to Francini.

Atlanta-based JMG picked up the property from FHA Limited Partnership in March 2000 for $21.9 million with JV partner Rreef. Blevins tells GlobeSt.com that it was time to dispose of the asset. "It was an opportunity sale. We maximized the investment and didn't see that we would get that much more. [The offer] exceeds the return hurdles of the investment."

Despite the markup on the property's turnaround, Biria St. John of CB Richard Ellis thinks Francini made a nice investment. "There was great interest from private capital and institutional investors. It's a long-term play with a good upside for the market." Simon J. Butler, senior VP/partner, and VP St. John, of the CB Richard Ellis Northeast multihousing team, exclusively represented the seller, Sharp Folly Hill Beverly LLC and procured the buyer.