A joint venture between two Boston-area real estate firms purchased a 68-unit Acton apartment complex for $17.5 million.
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A joint venture between two Boston-area real estate firms purchased a 68-unit Acton apartment complex for $17.5 million.
Iris Acton 68 LLC, a Methuen-based entity, purchased the Iris Court Apartments at 2 Iris Court on Oct. 7, according to Middlesex South Registry of Deeds records.
That entity is a joint venture between Watertown-based Archer Acquisitions and Methuen-based Ezzi Property Group, according to a Oct. 21 press release from Northmarq, the Minneapolis-headquartered firm which arranged financing for the deal.
The property features four two-story garden apartments, originally built in 1964, according to real estate data platform CoStar.
Features at the apartment include granite countertops, in-unit laundry, new appliances, and recently-renovated bathrooms and kitchens, according to the Northmarq press release.
The property has four studios, 35 one-bedroom apartments, 28 two-bedroom units, and one 3-bedroom unit, according to CoStar. With an average asking rent of $2,089, the property has a vacancy rate of around 1.5%.
The sale price equates to $253,623-per-unit.
Iris Court Apartments were sold by True North Capital Partners, a Concord-based firm. True North purchased the complex for $13 million in December 2020, according to CoStar.
Northmarq arranged $13.1 million in financing for the deal using its in-house Fannie Mae delegated underwriting and servicing model, according to Northmarq's press release. The transaction was structured on a five-year term. The financing was arranged by Jeffrey Munoz and Kevin Sykes, members of the debt and equity team based out of Normarq’s Boston office.
Acton has very low vacancy rates in its multi-family properties, giving property owners the chance to increase cash flow through the increasing of rental rates, according to the press release.
Archer Acquisitions and Ezzi Property Group have teamed up in the past, including the 2023 purchase of a 17-unit Worcester apartment building for $2.5 million.
The three parcels which make up Iris Courts received a combined 2025 tax assessment value of $8.92 million, according to Town of Acton property records.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
