Prospect Capital Corporation along with Jones Street Investment Partners have purchased Union Place Apartments, a multifamily property located in Franklin, Massachusetts, for $64.8 million. Built between 2005-2006 at 10 Independence Way, the 300 unit property rests on a 32 acre site. Prospect and Jones Street plan on implementing a value-added investment program that includes in-unit upgrades, with Jones Street to serve as the day-to-day property manager for Union Place.
“The Union Place acquisition continues NPRC’s strategy of selectively acquiring real estate assets in conjunction with established property managers, where the assets benefit from a highly diverse tenant base, stabilized cash flow, and discount to replacement cost in markets with limited new construction pipelines and positive demographic and economic trends,” said Ted Fowler, Managing Director of Prospect Capital Management L.P.
