A joint venture between Taurus Investment Holdings of Boston and Water Street/PhilMor Real Estate Investments LLC of Newton has bought The Meadows, a multifamily asset in Chelmsford, for $20 million.

CBRE/New England secured $16.1 million in acquisition financing for the purchase of the a 180-unit garden-style community located in Chelmsford. The seller was John M. Corcoran & Co.

The Meadows was constructed in 1987 with an average unit size of 668 square feet. It consists of 10 three-story buildings with a unit mix of 18 studio-, 42 one-bedroom, one-bathroom and 120 two-bedroom, one-bathroom units. There are 375 parking spaces at the property.

"The acquisition of The Meadows is a follow-on transaction to the 2013 purchase of Cabot Crossing in Lowell," Taurus Investment Holdings’ CEO Peter Merrigan, said in a statement. "Both properties represent quality Class B assets located within one of I-495’s strongest job markets. Taurus and Water Street/PhilMor will look to build off the previous owner’s success with the assets by making a strategic capital investment into each of the properties."

ARA New England-based brokers Terence Scott, Richard Robinson, Philip Lamere and Jennifer Athas exclusively represented the seller and procured the buyer.