Boston, MA – (January 14, 2020)
GID announced today that it has acquired Jack Flats, a 212 unit apartment community located in Melrose, MA, a town north of Boston that offers residents an attractive suburban lifestyle with close proximity to the greater Boston job market. Jack Flats residents benefit from walkability to both the MBTA Orange Line and the Commuter Rail, as well as a short drive to I-93, one of the region’s major north/south roadways.
Built in 2014, the Property consists of four buildings including a four-story repurposed solid brick mill building. Unit finishes include nine to ten foot ceiling heights on residential floors, stainless steel appliance packages, gas ranges, stone countertops, and in-unit washers and dryers. In addition, the mill building features soaring fifteen to twenty-five foot ceilings with exposed beams and brick. The community features a 24-hour fitness center with yoga room/spinning studio, resident lounge with a pool table and multiple seating areas, a recently renovated business center, fenced in dog park, and an outdoor space which features a heated saltwater pool, lounge furniture, grills, and a fireplace.
Chad Russolillo, Vice President of Eastern Region Acquisitions at GID commented, “This transaction provided GID an opportunity to acquire a high quality transit oriented community with easy access to the thriving Boston economy. We are excited to add this Property along with the unique and differentiating features of its mill building to our portfolio.”