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JPI Acquires 222 units for $17M

LAWRENCE, MA-JPI purchases British Colonial Apartments and Beacon Terrace Apartments for $17 million from a private investor. The deals mark the first purchase of existing property in the Greater Boston area for the Dallas-based real estate developer.

By Naomi Grossman | Updated on June 09, 2004

LAWRENCE, MA-JPI is purchasing British Colonial Apartments and Beacon Terrace Apartments for $17 million. The deals mark the first purchase of existing property in the Greater Boston area for the Dallas-based real estate developer.

The properties were sold by a locally based private investor, KG Associates, which developed them in the 1970s. The 210-unit British Colonial Apartments sold for $15.8 million, while the 12-unit Beacon Terrace Apartments sold for $1.3 million. Apartment Realty Advisors, a national multifamily brokerage and investment advisory company, represented the seller in the deal and procured JPI.

“JPI is aggressively pursuing value added opportunities in the greater Boston area and our company plan is to target $100 million of new acquisitions annually,” says JPI acquisitions partner Pat Gniadek. JPI plans to re-position and market the Lawrence property as Hampton at Beacon.

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