Boxborough apartments sell for $39M
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Paddock Estates in Boxborough is a 244-unit luxury apartment complex.
Paddock Estates, a 244-unit luxury apartment complex in Boxborough, sold for $39.12 million in a deal closed Thursday, according to the Southern Middlesex District Registry of Deeds.
It was sold by an entity registered to JPI Cos., the Texas-based real estate developer which built Paddock Estates in 2017. JPI bought the 55-acre property at 1 Paddock Lane in 2015 for $5.9 million, according to the Boxborough assessors’ data.
On Thursday, the apartment community sold to Abacus Capital Group LLC, a New York real estate firm which invests in multi-family properties.
The property is assessed by the Town of Boxborough at $41.4 million.
Compared with other apartment complexes sold in the area, the price of Paddock Estates was relatively low. A similarly sized, 280-unit luxury complex in Westborough known as Ellington Metro West sold for $100 million in November, and the 304-unit Rolling Green Apartments in Milford sold for $87 million in January.
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