Early 1970s apartment complexes in Framingham, Salem fetch $53M and $46.5M

August 5, 2026 - 02:18

Two large apartment complexes in the Boston suburbs have changed hands in deals totaling close to $100 million. The properties, one in Framingham and one in Salem, were built in the early 1970s and together hold 500 units. The buyers include a pair of investment firms and Related Companies, a major national developer.

The Framingham property sold for $53 million, while the Salem complex brought in $46.5 million. Both sales closed recently, according to public records. The buyers were not identified by name in the initial filings, but the involvement of Related Companies points to a strategy of acquiring older, well-located rental stock in established commuter towns.

The Framingham complex sits near the Mass Pike and offers easy access to Boston, making it a steady draw for renters who work in the city but want more space. The Salem property, closer to the North Shore, has a similar appeal. Both buildings were constructed in the early 1970s, a period when many such garden-style complexes went up across the suburbs.

Investors have been eyeing these older properties because they often have below-market rents compared to newer developments. That gap gives new owners room to raise rents after making upgrades. The sellers, who had held the properties for years, likely saw the current market as a good time to cash out.

The deals reflect a broader trend in the region, where aging apartment buildings are becoming hot commodities. With new construction limited by high costs and zoning rules, buyers are turning to existing stock. The new owners will likely invest in renovations to modernize the units and boost their value. For renters, that could mean higher rents down the line, but also better amenities and updated interiors. The sales are a clear sign that demand for rental housing in the Boston area remains strong, even for buildings that are now more than 50 years old.