L&G acquired Lynnfield Commons in partnership with Taurus Investment Holdings. John M. Corcoran & Company formerly owned the 200-unit multifamily property.

JMC developed the garden-style apartments in 2009 and will remain involved as property manager. Upon taking ownership, Taurus and L&G plan to retrofit Lynnfield Commons with HVAC and water heater upgrades, rooftop solar panels and low-flow water fixtures.

Located in the North Shore area, Lynnfield Commons features one- and two-bedroom units and amenities like a fitness center and pool. The offices of several major Boston employers including Raytheon and Oracle are located nearby.

“We are excited to add another excellent multifamily asset to our portfolio with the acquisition of Lynnfield Commons,” said L&G’s Head of U.S. Real Estate Equity and Asset Management Alexia Gottschalch in a press release. This investment reflects our commitment to identifying high-quality, well-located assets with strong fundamentals and long-term growth potential. With Taurus as our partner, we are confident in our ability to deliver sustainable income and value for our clients.”

L&G also recently purchased the Arkadia, a similar multifamily property in the West Loop neighborhood of Chicago.