Friday, January 25, 2013

Apartment Property in Chicopee, MA Sells for $5.4 Million



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.”

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.


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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