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Saugus Apartment Complex Sold For $94M

Aug 15, 2014 | Reprints | Print

A Los Angeles multifamily investor has acquired The Residences at Stevens Pond apartment complex in Saugus for $94 million from Invesco Advisers of Dallas.

JRK Property Holdings paid $95 million on July 31 for the 326-unit complex off Main Street, or $291,411 per unit. The company obtained a $75.6 million mortgage from Berkadia Commercial Mortgage.

JRK owns approximately 55,000 multifamily units nationwide, including the One Webster apartment complex in Chelsea and Royal Crest Estate in Fall River.

Commercial