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TEWKSBURY, MA-A luxury apartment development and managementfirm's high-priced $42-million offer beat out bids from at least ahalf dozen other prospective buyers to take title to a 245-unit,93%-leased apartment community here. The Burlington-based DolbenCo. sealed the deal for the Providence at Tewksbury complex withFairfield Residential after offering the best price and terms forthe property, Jonathan Close, with Apartment Realty Advisors, ofBurlington, tells GlobeSt.com.

Between six and eight other bidders were vying for the luxurycomplex, which closed at a cap rate in the mid-5% range, he says.Close says the property's location on Route 38 in Tewksbury, itsmix of studio, one- and two-bedroom units and its solidconstruction sparked high interest among investors during severalmonths of marketing.