JLL Income Property Trust has purchased Princeton North Andover, a 192-unit apartment community in the affluent north-Boston suburb of North Andover, Massachusetts, for $72.5 million.
“This addition to our growing apartment portfolio fits extremely well with our strategy to invest in amenity-rich, newer communities with high barriers to entry for new competition,” noted Allan Swaringen, JLL Income Property Trust President and CEO.
“North Andover’s strict limits on future multifamily development, higher single-family home prices and educated workforce create an environment where luxury apartment communities will continue to be in-demand and should be attractive long-term investments within our diversified portfolio,” he added.
Constructed in 2019, Princeton North Andover features luxury unit finishes and provides residents with a robust community amenity package including a fitness center, pool, yoga studio, outdoor grilling areas, and resident clubhouse.
The property also offers rare suburban walkability with nearby live-work-play amenities including retail, restaurants, and a commuter rail station just two miles away.
Located less than two miles from I-495 and a short drive from I-93, Princeton North Andover offers convenient access to an abundance of suburban employment as well as Downtown Boston.
