After making its move into the Boston metro in late 2020, Los Angeles-based TruAmerica Multifamily has added more than 250 units in Massachusetts to its portfolio. With the acquisition of the 115-unit Marquee at Andover in Andover and the 154-unit Lux at Stoughton in Stoughton in separate transactions, the multifamily value-add investment firm’s local portfolio has grown to nearly 500 apartments.
The Boston multifamily market is attractive for the firm as it has rebounded strongly since the start of the pandemic. In addition, according to a Brookings Institute report this year, the suburbs have had higher rates of population growth than the city of Boston. The Greater Boston area, including Andover, also has seen tech companies such as Amazon and IBM establish a presence recently.
“In addition to a relatively easy commute to downtown Boston, both suburban markets are coming into their own as satellite business hubs,” said Alex King, director of acquisitions at TruAmerica.
Marquee at Andover is 3 miles from 3.2 million square feet of office space for companies such as Raytheon, Procter & Gamble, Pfizer, and Hewlett Packard. It also has convenient access to I-93 for commuters to downtown Boston.
Lux at Stoughton, located 20 miles south of Boston, also has access to I-93 and the nearby Massachusetts Bay Transportation Authority commuter rail. The suburb also is home to large retail centers as well as one of the nation’s largest health care centers.
According to King, while both properties have been well maintained, they will still benefit from its value-add program, including improvements to the amenity spaces and apartment interiors.
JLL’s Chris Phaneuf represented the seller of Marquee at Andover, and CBRE’s Simon Butler represented the seller of Lux at Stoughton.