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BILLERICA, MA-A 324-unit luxury apartment complex here brought in about 10 bids but an $80.2-million offer by UBS topped them all. The Hartford-based firm, one of the world's leading financial institutions, took the keys to the Villas at Old Concord from seller the Hanover Co. of Houston in a deal that bought USB its second Bay State acquisition since August.

"We had tremendous institutional interest in the property," Peter Joseph, with Eastdil Secured's Boston office, tells GlobeSt.com. "It achieved very high per unit price given the quality and location of the product."

Joseph says the 4 Riverhurst Rd. complex's high quality, including luxury interior finishes and amenities such as a clubhouse, fitness room, movie theater, business center and resort-style pool in addition to detached garages and optional sunrooms, made the property a much sought after commodity. An occupancy rate of 96% for the complex's first phase of 180 one-, two- and three-bedroom units made it even more appealing. Phase I was completed in 2004, while the property's 144-unit second phase completed in December and is still in lease-up, Joseph says.