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RANDOLPH, MA-A 165-unit multifamily property that Equity Residential first put on the block in 2005 has finally changed hands. Tyrone Gardens has been purchased by Taymil Randolph LLC for $18.3 million, or about $111,000 per unit. Developed by Boston commercial real estate leader Thomas Flatley in 1961 and sold to Equity in the late 1990s, the complex on Francis Drive consists of eight three-story buildings and is 95% occupied.

"It is a good, clean class B property," says broker Terry Scott of Apartment Realty Advisors New England, whose firm represented the seller and procured the buyer, an affiliate of Taymil Partners LLC. Newton-based Taymil has amassed a portfolio of more than 2,000 apartments in Connecticut and Massachusetts since being founded in 2004 by real estate attorney Steven Astrove. Efforts to contact Astrove were not successful by press deadline, but Scott tells GlobeSt.com that the re-branded Francis Crossing offers a mix of stability and yield as a value-add investment.

Taymil "plans to reposition the property with a phased-in upgrade of the units," reports Scott, an ARA VP who negotiated the sale on a team with colleagues Jonathan Close, Richard Robinson and Travis D'Amato. The garden-style community features such amenities as a laundry facility, swimming pool and ample parking. The asset is also well positioned, according to Scott, citing favorable demographics of the heavily populated South Shore suburbs and access to Boston via Routes 24 and 28 and Interstates 93 and 95.