Hudson apartment complex sells for $33.5M
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Simrah Gardens in Hudson is being rebranded as J Highlands at Hudson under its new ownership, which also plans renovations across the site.
A Virginia apartment property group and an Iowa investment group have paid $33.5 million to buy Simrah Gardens, a 158-unit apartment complex in Hudson.
The three-building complex is now rebranded as J Highlands at Hudson. The sale price comes out to about $212,000 per unit.
Principal Real Estate Investors, part of Des Moines, Iowa,-based Principal Financial Services, is a development partner with Jefferson Apartment Group, which is based in Virginia but has local offices in Newton. The limited liability corporation that bought the site is registered to Principal's address.
Jim Butz, Jefferson Apartment Group's CEO, said in a statement the purchase will expand the firm's Boston-area portfolio, which also includes sites in Boston, Lawrence, Malden and Norwood. The company plans to renovate units starting this year with stainless steel appliances, upgraded cabinets, vinyl tile wood flooring, and updated fixtures and lighting.
Facades will be repainted, and corridors updated with new carpet, lighting and paint. Planned amenity improvements include a new dog park and upgraded grilling area and playground equipment, the company said.
The seller, Simrah Gardens LLC, paid $100 for the site in 2003 just before the complex was built. Simrah Gardens is registered to Mohuiddin Siraj and Mirajuddin Ahmed of Westborough. The deal closed March 10.
The complex at 307 Central St., built in 2004 and totaling 12 acres, was last assessed by the Town of Hudson at just over $24 million.
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