Colorado firm pays $77M for Franklin apartments
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The Union Place apartments in Franklin
A Colorado firm that owns apartment complexes across the country has paid $77 million for the Union Place apartments in Franklin.
For UDR, the new owner of the 300-unit complex, Union Place adds to a Massachusetts portfolio that already includes sites in Boston, Braintree, Peabody, Woburn, Needham, Waltham, Tewksbury, Foxborough and Norwood. The deal values each of Union Place's apartments at $258,000.
The seller was Jones Street Investment Partners, a Boston real estate private equity firm whose portfolio includes the Ashford Crossing apartment complex on Route 9 in Shrewsbury. The sale closed Jan. 26.
The complex was built in 2005 and is directly off Upper Union Street, on the south end of town between the Franklin Industrial Park and I-495. The 31-acre site was last assessed by the Town of Franklin at $39 million.
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