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PEABODY, MA-Just weeks after opening, the Highlands at Dearborn apartment complex has been sold by Fairfield Residential LLC. Located on a 25-acre parcel overlooking Route 128 in this North Shore community, the 446-unit development traded to Simpson Housing of Denver for $124.6 million, or close to $280,000 per apartment.

"This sale represents one of the largest new, 100% market-rate properties both in terms of the total price achieved and the size of the project," says Richard Robinson, president of ARA New England.

"It's a gorgeous property," adds ARA New England broker Travis D'Amato, who joined Robinson and principal Terry Scott in marketing the asset for Fairfield and procuring the buyer. "A multitude" of REITs and institutional funds vied for the deal, D'Amato tells GlobeSt.com, but Simpson was able to emerge victorious, securing its first multifamily investment in the state.