(To read more on the multifamily market, click here.)

DEDHAM, MA-Irving, TX-based JPI has placed its newly built 301-unit apartment complex, Jefferson at Dedham Station, on the market in a move that a company official says could test investor interest in its growing Bay State product.

Thomas O’Brien, executive vice president and regional managing partner at JPI, tells GlobeSt.com that just weeks after putting the Dedham complex up for bid, the apartment developer already has 22 offers in hand from a mix of institutional investors.

But whether the complex will actually be sold, O’Brien says, still remains to be seen. No price tag has been hung on the multimillion-dollar, five-story luxury apartment complex. “It’s not a question of necessarily selling,” he says of the offering, “but it’s very tempting to see how the market will value it.”

The nearly 70% leased 1000 Presidents Way complex, which lies adjacent to the Dedham Station commuter rail station and a planned $190-million lifestyle center, features an array of upscale amenities including a pool, clubhouse, film room and even an in-house pub for tenants.

The complex is the second in Massachusetts in the past few months to be placed on the market by JPI. In August, the Texas apartment developer sold Jefferson at Bellingham, a 285-unit complex in Bellingham, just two months after it went on the market, to UBS. One of 15 bidders on the property, UBS paid $58 million.

The firm also recently acquired 2.5 acres on Chelsea’s Admiral Hill, the site of the former Chelsea Naval Hospital, where it plans to build 160 luxury units. Construction on that $50-million, 200,000-sf project, the first new construction in Chelsea in decades, could begin within the next six months. O’Brien says JPI also is looking at a number of other potential development sites in Massachusetts for future projects.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.