New-construction One Upland apartments in Norwood trade for $93 million

Developers Campanelli and Thorndike Development have sold One Upland, a 262-unit residential apartment community in Norwood, MA completed in September 2016, to Jefferson Apartment Group for $93 million. The sale amounts to nearly $355,000 per unit. The construction cost for One Upland was $60 million.

Massachusetts Housing Partnership provided $58.5 million in financing towards Jefferson's acquisition of One Upland. JLL represented Campanelli and Thorndike in the deal and procured Jefferson as the buyer. One Upland is located just off of Interstate 95/128 and a short distance from the Route 128 MBTA and Amtrak train station, providing a short commute to downtown Boston. “We are excited to grow our acquisition program in our core markets. One Upland is a unique opportunity in a low supply market,” said Jim Butz, CEO of Jefferson, in a prepared statement.

Jefferson is currently building a $120 million development in Malden Center featuring 320 market-rate apartment residences, over 22,500 square feet of ground-floor retail and a 45,000-square-foot office space that will serve as Malden's new City Hall. The nationwide firm also owns numerous Boston-area apartment complexes.

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