(To read more on the multifamily market, click here.)
DEDHAM, MA-Jefferson at Dedham Station, a 301-unit apartment complex here, has been sold by developers Crescent Real Estate Equities and JPI to RREEF North America for $76 million. The luxury apartment building was completed earlier this year.
Jefferson at Dedham Station, a transit-oriented property at 1000 Presidents Way, was completed between six and nine months ago and is currently 90% occupied, according to Thomas O'Brien, managing partner with JPI. Crescent, based in Fort Worth, TX and JPI, headquartered in Irving, TX, began building the project about two years ago. It was the JV's only Boston area property.
The developers expect to gain about $5 million from the property's sale, Crescent said in a statement. Crescent did not return calls from GlobeSt.com seeking further comment.
O'Brien says the property was sold in order to capitalize on the currently strong market for investment sales in Boston.
Cushman & Wakefield's Robert Griffin, Marci Griffith Loeber and Brian Doherty, all with the Capital Markets Group represented the seller and procured the buyer.
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