Investment Highlights
The Lux at Stoughton represents TruAmerica’s third investment in the Boston MSA. Located in the Town of Stoughton, the property sits on 8.5 acres, and consists of three four-story buildings. The Lux’s location provides tremendous access to job centers in Boston, via nearby Route 138 and Route 24. The Property is also located less than a mile from a Canton Conservation Land reserve, a 5-acre nature reserve with running trails and several natural water features. Stoughton is well known in MA for its expansive retail offerings, particularly for furniture and other home goods, with the only IKEA in MA located in Stoughton, as well as the original Jordan’s Furniture and other major retailers nearby. This cluster of retailers has led to a cluster of industrial and high-end manufacturing jobs adjacent to the retail centers, providing employment for Stoughton and the surrounding towns.
Property Highlights
The 154-unit property was built in 2010 by best-in-class developer Wood Partners and features desirable one- and two-bedrooms floorplans. All floor plans at the property have walk-in closets and washer/dryer appliances.
All the units have original finishes as prior ownership only added vinyl flooring to 34 (22%) of the apartments, leaving substantial renovation upside at the property. TruAmerica plans to bring the market rate homes to a higher-end finish, with two-tone cabinetry, new quartz countertops with undermount sink, updated lighting fixtures, and USB ports in the kitchens. 25% (39 apartment homes) of the units are kept affordable for households earning 80% or less of Area Median Income under Massachusetts’ 40B program.
TruAmerica will also make select upgrades to the exteriors and amenities, including renovation of the fitness area as well as additional package lockers, upgraded landscaping, and upgraded signage.
Community Amenities
• Courtyard Area with Outdoor Barbeques and Fireplace
• Fitness Center
• Community Clubhouse and Garden
• Covered and Uncovered Parking
• Outdoor Putting Green
• Dog Run
