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Five years after acquiring a 252-unit apartment complex in Lowell, Boston-based Taurus Investment Holdings has sold the property for $42.4 million to a Los Angeles investor.
Taurus and partner PhilMor Real Estate Investments acquired the Cabot Crossing complex at 130 Bowden St. in 2013 for $20.25 million. JRK Property Holdings last week acquired the property which includes a mix of studios, one- and two-bedroom units.
Taurus performed capital improvements to the residences, common areas and amenities during its ownership.
“The successful execution of the capital improvement program and strong property management contributed to outstanding income growth at this project,” Taurus CEO Peter Merrigan said in a statement. “The sale of Cabot Crossing showcases our confidence in Taurus’ value-add strategy of investing and improving Class B multifamily assets nationwide.”
Simon Butler and Biria St. John of CBRE New England represented Taurus in the transaction.
JRK Property Holdings owns more than 32,000 apartment units nationwide, including properties in Chelsea, Peabody, Saugus and Tewksbury.
