BOSTON– Taurus Investment Holdings, LLC, in partnership with PhilMor Real Estate Investments, has sold Cabot Crossing, a 252-unit multifamily asset in Lowell, MA to JRK Property Holdings for $42.4 million.
Located at 130 Bowden Street, the community offers a mix of studios, one-, and two-bedroom units. The community is situated 30 miles northwest of Boston. Over the course of the hold period, Taurus invested in a comprehensive capital improvements program, targeting residential building & common space upgrades, amenity improvements, and in-unit renovations.
“The successful execution of the capital improvement program and strong property management contributed to outstanding income growth at this project,” says Peter Merrigan, CEO of Taurus Investment Holdings. “The sale of Cabot Crossing showcases our confidence in Taurus’ value-add strategy of investing and improving Class B multifamily assets nationwide.”
Taurus acquired Cabot Crossing in 2013 for $20,250,000.
Simon Butler, and Biria St. John of CBRE New England represented Taurus in the transaction.
Established in 1976, Taurus is a global real estate private equity firm with over 40 years of experience as a general partner, investor, and operator. Currently active in the United States, Western Europe, Asia, and South America, the firm makes strategic investments into value-add, core-plus, and development opportunities.