Our Multifamily Investment Sales and debt financing team has completed the sale of Reading Commons on behalf of Henderson Global Investors to JP Morgan. The premier residential community with visibility from Route 93 was listed in June. With some of the highest-end units in Greater Boston, the upscale complex sold for $63.1 million.
The result equates to nearly $310,000 per key vs. $238,000 spent by Henderson Global when they purchased the property five years ago.
The 204 units, with best-in-class finishes, are 97% occupied. On-site amenities include a heated pool with grill area, fitness center and movie theater. There is underground parking for 62 vehicles and 30 detached garages.
“Reading Commons is a Class A asset with top of the market finishes, ideally located at the intersection of 93 and 128,” said JLL’s Travis D’Amato. “JP Morgan assumed in place, low floating bond financing. This resulted in a going-in cap rate of 4-1/2 percent which is slightly lower than market.”
The sale of Reading Commons is yet another win for our Multifamily team of Travis, Michael Coyne, Jonathan Schneider, Kevin Gleason and Brendan Shields. In July they executed the sale of Windsor Green in Andover for $62.5 million.