JV Closes Multifamily Deals Worth $56.3M

PORTLAND-Boston Capital, in a joint venture with Goodman Financial Services Inc., has purchased three apartment complexes – two in metropolitan Portland and one in metropolitan Salt Lake City for a total of $56.3 million.

The acquisition is the latest addition to the Boston Capital Apartment Fund, established in February 2002 to invest in the acquisition and construction of conventional market-rate properties. Since its inception, the fund has acquired 13 properties totaling 3,751 units with a total capitalization of more than $260 million.

The three recently acquired assets are the 296-unit Boulder Creek apartment complex, the 315-unit Bridge Creek Apartments and the 416-unit Setter’s Point Apartments. The Boulder Creek and Bridge Creek properties, which are located in Wilsonville, were purchased for $16.7 million and $18.1 million, respectively. The Setter’s Point asset, which is located in Taylorsville, UT, was bought for $21.5 million.

One of the largest owner/investors in multifamily housing in the country, Boston Capital currently controls more than 2,300 multifamily properties located in 48 states with a total development cost in excess of $8 billion. The fund is currently seeking to acquire and develop garden and infill apartment communities with 150 to 400 units throughout the country.