Jefferson One Upland in Norwood, MA features 262 units. Jefferson One Upland in Norwood, MAfeatures 262 units.

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NORWOOD, MA— Jefferson Apartment Group of McLean, VA and NewYork City-based KKR have sold the 262-unit Jefferson One Uplandcommunity here for $103.6 million.

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The deal marked the first sale in JAG's Income Fund. Thecommunity was acquired through a joint venture withKKR and JAG in 2017. The property was acquired by SaltLake City-based Cottonwood Residential, according to publishedreports.

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"We are all living in truly unprecedented times. But despite thecoronavirus pandemic, we were able to complete the successful saleof our asset in Boston," says Jim Butz, CEO of Jefferson ApartmentGroup. "Jefferson One Upland is an attractive community, wellmanaged and sold to an astute buyer."

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Both Butz and Michael Friedland, managing director, real estateof KKR, say the two companies are looking forward to workingtogether on other projects in the future

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Located 16 miles from Downtown Boston, Jefferson One Upland wasbuilt in 2016 and features Class A, modern unit finishes in avariety of sizes including one-, two- and three-bedroomoptions.

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Last month, Jefferson Apartment Group, acquired the 158-unit JHighlands at Hudson in partnership with Principal Real EstateInvestors for $33.5 million, according to a report in the BostonBusiness Journal. The complex in Hudson, MA is located on 12acres.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.