Jefferson Apartment Group-KKR Venture Sells MA Multifamily for Nearly $104M
The deal marked the first sale in JAG’s Income Fund. The community was acquired through a joint venture with KKR and JAG in 2017.
NORWOOD, MA— Jefferson Apartment Group of McLean, VA and New York City-based KKR have sold the 262-unit Jefferson One Upland community here for $103.6 million.
The deal marked the first sale in JAG’s Income Fund. The community was acquired through a joint venture with KKR and JAG in 2017. The property was acquired by Salt Lake City-based Cottonwood Residential, according to published reports.
“We are all living in truly unprecedented times. But despite the coronavirus pandemic, we were able to complete the successful sale of our asset in Boston,” says Jim Butz, CEO of Jefferson Apartment Group. “Jefferson One Upland is an attractive community, well managed and sold to an astute buyer.”
Both Butz and Michael Friedland, managing director, real estate of KKR, say the two companies are looking forward to working together on other projects in the future
Located 16 miles from Downtown Boston, Jefferson One Upland was built in 2016 and features Class A, modern unit finishes in a variety of sizes including one-, two- and three-bedroom options.
Last month, Jefferson Apartment Group, acquired the 158-unit J Highlands at Hudson in partnership with Principal Real Estate Investors for $33.5 million, according to a report in the Boston Business Journal. The complex in Hudson, MA is located on 12 acres.