Argosy Real Estate Partners Acquires The Residence at Joan’s Farm
We are pleased to announce that Argosy Real Estate Partners, in partnership with Metropolitan Properties, has acquired The Residence at Joan’s Farm, a 96-unit, 2017-vintage, Class A apartment community located in Tewksbury, Massachusetts, a high barrier-to-entry suburb of Boston. The property is proximate to the region’s major employment corridors and provides excellent connectivity throughout the metro area via interstate highways, with access to downtown Boston within 30 minutes.
The institutional quality asset was constructed by a local developer as a long-term, generational asset with high-quality construction and high-end, condo-quality materials.
The business plan consists of completing a light renovation scope with moderate capital improvements and a re-programming of the amenity center and leasing office.
Boston-based Metropolitan Properties is a vertically-integrated multifamily real estate operator founded in 1980. Metropolitan has a strong track record with two generations of real estate investing focused on value-add and core-plus multifamily investment over the last 40 years. Metropolitan currently owns and manages more than 2,000 multifamily units across select markets in the U.S.