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MARLBOROUGH, MA-A 274-unit luxury apartment complex in thissuburb west of Boston is among four multifamily assets sold byRreef America, with Steven D. Bell & Co. paying $45.5 millionto acquire the five-year-old Jefferson at Wheeler Hill. Based inGreensboro, NC, the real estate investment firm is making its firstforay into New England via the purchase, which also includes assetsin Georgia, Pennsylvania and Texas. An exact price on the portfoliowas unavailable, but it is said by one source to be "well inexcess" of $100 million.

Besides the Marlborough development, Bell also bought Brookviewat Elkins Park in suburban Philadelphia, which has 217 units; the504-unit Residences at Morgan Falls in Atlanta; and Villa Mirandain Dallas, the largest of the four communities at 590 units. Thenewest is the 56-acre Jefferson at Wheeler Hill, one of severalMassachusetts multifamily projects built by JPI Texas Developmentthis decade. That firm, which has typically sold the propertiesafter completion, traded the Marlborough project to Rreef in 2003for $45.7 million. Earlier this year, Rreef acquired another JPIcomplex in Dedham, MA.