765 Broadway apartments, Everett, MA
FRAMINGHAM, MA, May 21, 2013 – Investment sales broker
Northeast Private Client Group has announced the sale of 765 Broadway, a
13-unit apartment building in Everett, Massachusetts.
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| Christopher Donato |
Christopher Donato, a licensed associate in the
firm’s Framingham office, represented the seller and the buyer in the
$1,200,000 transaction, which closed on May 8th.
“High occupancy and
growing rents in the Boston area are driving strong demand for multifamily
properties,” notes Donato. “This
Everett asset is well positioned to benefit from the ongoing rehabilitation of
the Everett submarket.”
The city of Everett is implementing a targeted master plan
focusing on the rejuvenation of the Broadway corridor, with significant
emphasis on the strengthening of Everett Square, new transportation stations,
pedestrian friendly improvements, and expanded retail.
The seller, Hamlin
Realty Trust, based in Stoneham, Mass., was the long-time owner of 765 Broadway
and hired Northeast Private Client Group to exclusively market the
property.
The buyer, BK Realty Management of Newton, Mass., is focused
on long-term, stable cash-flowing real estate assets. The purchase price equates to $92,308 per unit, and represents a
capitalization rate of 7.4 per cent on proforma 2013 net operating income.
"Qualified investors continue to compete for
Boston-area multifamily assets," explains Edward Jordan, JD, CCIM, the
firm’s managing director. “With this
Everett assignment, we were able to source the buyer and close the transaction
within ten weeks of listing.
 |
| Edward Jordan |
Founded in 2010 by
Edward Jordan, Northeast Private Client Group supports real estate investors
with offices in New York, Connecticut and Massachusetts.
The firm specializes in representing owners
of income producing properties, and supporting those who invest and sell
property in the commercial and multifamily sectors across a region that
stretches from New York to Boston.
Jordan holds the Certified Commercial Investment Member (CCIM)
designation and has served on the board of directors of CCIM.
For a complete copy
of the company’s news release, please contact:
Rick Leonard
RCL Communications
203.434.7734
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