Argosy Real Estate, Metropolitan Properties buy apartments in Massachusetts

Argosy Real Estate Partners, in partnership with Metropolitan Properties, has acquired The Residence at Joan’s Farm, a 96-unit, class-A apartment community built in 2017 in Tewksbury, Mass., a suburb of Boston. The financial terms and seller were not disclosed.

The property is near the region’s major employment corridors and connects 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 with moderate capital improvements and re-programming the amenity center and leasing office.