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Utah-Based REIT Buys Boston-Area Apartment Complex For $104M

One Upland is a 262-unit multifamily complex in Norwood, Massachusetts.
One Upland is a 262-unit multifamily complex in Norwood.

A Salt Lake City-based real estate investment trust has acquired a nearly 304K SF Norwood apartment complex for $103.6M.

KJ Boston Venture LLC, a Jefferson Apartment Group subsidiary, finalized the sale of One Upland to Cottonwood Communities on March 19, according to a filing with the Securities and Exchange Commission. A public relations representative for JAG confirmed the company’s involvement in the salebut declined to comment on the transaction.

Cottonwood, a REIT that focuses on multifamily assets, is adding One Upland to its portfolio of investment properties located in West Palm Beach and Ybor City, Florida, and Allen, Texas.

JAG, headquartered in Northern Virginia, builds, develops and manages multifamily properties along the East Coast.  

One Upland, which is located about 20 miles southwest of Boston, has 262 units, according to its website. Cottonwood's SEC filing noted that the complex, which was built in 2016, includes amenities like a swimming pool, clubhouse, outdoor amphitheater and dog park.

Apartment and rental housing investors see their properties as a safe haven during the coronavirus outbreak as people physically retreat from every property type to their homes, and experts are predicting a second-half investment uptick when the virus is contained.