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John Hancock Sells Medford Apartments for $103.5M

By Steve Adams | Banker & Tradesman Staff | Jul 20, 2023 | Reprints | Print

Image courtesy of Google Maps

A California multifamily real estate investor acquired a 222-unit Medford apartment complex for $103.5 million from John Hancock Life Insurance.

The buyer, Pacific Urban Investors of Palo Alto, California, specializes in acquisitions of properties in major coastal U.S. markets. The purchase price equates to over $466,000 per unit.

John Hancock paid $85.1 million in 2018 for the 254,060-square-foot complex, which was developed in 2009 by Criterion Development. The property is part of the mixed-use Rivers Edge development by Preotle, Lane & Assoc. on 30 acres of former industrial land along the Malden River.

Located on a 3.7-acre parcel, the 4-story complex includes 324 total bedrooms, according to assessors’ records.

B&T Daily