Griffin Capital Company has sold the Heritage on the Merrimack 240-unit multifamily community located in Bedford, N.H., reported theDIwire.
The transaction was for $80 million. Griffin Capital had acquired the property in November 2018. Heritage was bought for $58.2 million and had $3.1 million of renovation money put into it.
The sale generated net total return for investors of 166.6 percent and an average annual annualized return of 12.9 percent.
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