**L&G and Taurus Acquire Lynnfield Commons in Massachusetts**
A joint venture between Legal & General’s (L&G) asset management division and Taurus Investment Group has acquired Lynnfield Commons, a 200-unit garden-style apartment community located in Lynnfield, Massachusetts. Situated in the North Shore submarket of Boston, the property was sold by John M. Corcoran & Company (JMC), which originally developed and built the complex in 2009. The purchase price was not disclosed.
As part of the transaction, JMC will remain in place as the 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, Executive Vice President of JMC’s property management division.
This acquisition marks the second U.S. multifamily deal for the L&G and Taurus partnership within the past year, following their earlier purchase of the Arkadia residence 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 at L&G.
