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UBS Takes 324 Luxury Units for $80M

BILLERICA, MA-UBS acquires its second apartment complex in six months with the purchase of a 324-unit new luxury apartment complex here.

By Beverly Ford | Updated on February 28, 2007

(To read more on the multifamily market, click here.)

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.”

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