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| 68--91 Edbert Street, Chicopee, MA |
FRAMINGHAM, MA – Investment sales broker Northeast Private
Client Group has announced the sale of 68-91 Edbert Street, a 94-unit
apartment building in Chicopee, Massachusetts.
Colin Moynihan, regional manager of the firm’s
Framingham office, represented the seller and the buyer in the $5,400,000
transaction, which closed on December 28th.
“High occupancy and
growing rents in Western Massachusetts are driving strong demand for
multifamily properties,” notes Moynihan.
“This Chicopee asset is well positioned to benefit from a continued
rebound in the local economy.”
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| Colin Moynihan |
The seller, Mall
Apartments Trust based in Cape Cod, was a long-time owner of the 94-unit Mall
Apartment property. Anticipating
changes in the tax laws, the Trustee hired Northeast Private Client Group to
source a competitive buyer capable of closing before the end of 2012.
The buyer, Chestnut
Realty Partners of Springfield, MA, is a fund focused on long-term, stable
cash-flowing real estate assets. The
purchase price equates to $57,446 per unit, and represents a capitalization
rate of 7.5 per cent on 2012 net operating income.
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| Edward Jordan |
"Coming out of
the recession, there's been a tremendous appetite for apartment buildings, and
investors are looking for cash-flowing assets," explains Edward Jordan,
JD, CCIM, the firm’s managing director.
“This challenging
period has created opportunity in multifamily real estate, with fewer people
qualifying for mortgages and more families renting for longer periods of time.”
Contact:
Rick Leonard
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