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DEDHAM, MA-Irving, TX-based JPI has placed its newly built 301-unit apartment complex, Jefferson at Dedham Station, on the market in a move that a company official says could test investor interest in its growing Bay State product.
Thomas O'Brien, executive vice president and regional managing partner at JPI, tells GlobeSt.com that just weeks after putting the Dedham complex up for bid, the apartment developer already has 22 offers in hand from a mix of institutional investors.
But whether the complex will actually be sold, O'Brien says, still remains to be seen. No price tag has been hung on the multimillion-dollar, five-story luxury apartment complex. "It's not a question of necessarily selling," he says of the offering, "but it's very tempting to see how the market will value it."
The nearly 70% leased 1000 Presidents Way complex, which lies adjacent to the Dedham Station commuter rail station and a planned $190-million lifestyle center, features an array of upscale amenities including a pool, clubhouse, film room and even an in-house pub for tenants.
The complex is the second in Massachusetts in the past few months to be placed on the market by JPI. In August, the Texas apartment developer sold Jefferson at Bellingham, a 285-unit complex in Bellingham, just two months after it went on the market, to UBS. One of 15 bidders on the property, UBS paid $58 million.
The firm also recently acquired 2.5 acres on Chelsea's Admiral Hill, the site of the former Chelsea Naval Hospital, where it plans to build 160 luxury units. Construction on that $50-million, 200,000-sf project, the first new construction in Chelsea in decades, could begin within the next six months. O'Brien says JPI also is looking at a number of other potential development sites in Massachusetts for future projects.
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