A partnership of Legal & General’s (L&G) asset management division and Taurus Investment Holdings acquired Lynnfield Commons, a 200-unit garden-style apartment community in Lynnfield, Massachusetts within the North Shore submarket of Boston.
The seller was John M. Corcoran & Company (JMC), which developed and built the property in 2009. The purchase price was not disclosed.
Lynnfield Commons is an ideal option for many apartment seekers with our quiet location in Lynnfield just off of Route 1. The community features luxurious amenities including a large seasonal swimming pool and sun deck, 24-hour fitness center, 24-hour emergency on-call maintenance, a beautiful clubhouse, billiards room, acres of walking trails and a café with free Wi-Fi. Each apartment home features granite countertops, a fully equipped stainless steel kitchen including a frost-free ice maker refrigerator, dishwasher, disposal, and a self-cleaning oven. Featuring lofty 9 foot high ceilings, walkout balcony or patio, and a full-size washer and dryer. Select homes have optional wine racks built into the kitchen, gas cooking, gas fireplaces, oversized soaking tubs, fenced-in private yards, and 11 foot high ceilings.
JMC will stay on as property manager for Lynnfield Commons. “With more than 70 years in property operations, JMC is able to deliver seamless solutions as a third-party manager and that segment of our business is growing,” said Bob Ruzzo, EVP of JMC’s property management arm.
The acquisition is the second U.S. multifamily deal the L&G/Taurus partnership has made in under a year, following Arkadia in Chicago’s West Loop. “Multifamily continues to be one of the strongest performing real estate sectors in the U.S., and by leveraging our strategic partnership with Taurus, we are meeting significant investor demand for exposure to this market,” said Bill Hughes, head of private markets, asset management, L&G.
Banner Life Insurance Company and William Penn Life insurance Company, have been in the business of protecting Americans with life insurance for more than 70 years. Today we are known as Legal & General America and are a proud part of the seventh-largest insurer in the world.
Parent company, Legal & General Group Plc, is one of the world’s leading multinational financial services companies – and has been since 1836. Headquartered in London, the firm has over $1.7 trillion in total assets under management. The Legal & General footprint spans the US, Europe, and Asia.
Established in 1997 with European roots dating back to the mid-70’s, Taurus Investment Holdings applies expertise in investment selection, asset management, property management, project management, and development producing lasting performances for our investors. Taurus applies its insight and experience to organically expand its geographic footprint.
