"Institutional investors are going after multifamily properties," Jonathan Close, senior vice president at Nordblom Co., tells GlobeSt.com. "For REITs, pensions and others it's the most stable investment in real estate today."

The sale of Yorkshire Court in Shrewsbury could be evidence of that. The property was sold to FSR Realty Advisors for $14.35 million, which, Close acknowledges, is "an aggressive price," especially when the property requires capital improvements. But, notes Close, "they will go in and raise the rents. Getting a multifamily property in Massachusetts is difficult."

The firm also recently sold a 50-unit complex in Haverhill for $2.68 million, an 18-unit complex in Downtown Boston for $2.4 million, a 180-unit complex in Attleboro for $5.18 million and has a 104-unit complex in Malden under agreement. Close would not disclose the purchase price for the Malden property but points out that 20 offers were made for the complex. "That is a lot," he says. "No one wants office anymore, now they want multifamily. Massachusetts is one of the top multifamily markets in the country."