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| Thompson Estates, 14 Thompson Drive, Randolph, MA |
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| Edward Jordan |
FRAMINGHAM, MA – Investment sales broker Northeast Private
Client Group has announced the sale of Thompson Estates, a 24-unit
apartment building located at 14 Thompson Drive in Randolph, MA.
Edward Jordan, JD, CCIM, the firm’s managing
director, represented both the seller and the buyer in the $3 million
transaction that closed on March 14. Christopher
Donato, regional manager in the firm’s Framingham, MA, office, supported
Mr. Jordan.
“The success of this transaction is the direct result of our
relation approach to investment sales,” said Mr. Jordan. “With our regional brokerage platform, we
were able to identify the right buyer for this off-market assignment and get
the deal closed.”
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| Christopher Donato |
The Thompson Estates property comprises a fully leased
three-story apartment building built in 1981, with 24 two-bedroom units,
on-site laundry and ample off-street parking on 1.25 acres. Originally designed as condominium units,
all utilities are individually metered to the tenants.
“High occupancy and positive rent growth are driving strong
demand in the Boston area submarkets, especially for multifamily properties,”
said Mr. Donato. “With uncertainty in
the financial markets, income-producing real estate remains one of the best opportunities
for generating and preserving wealth.”
The Quincy, MA-based buyer purchased the property for a
price that equates to $125,000 per unit, which represents a gross rent
multiplier of 7.9 and a capitalization rate of 8.7% on current net operating income.
The transaction was made contingent on the assumption by the
buyer of the existing FNMA mortgage on the property. The seller, Newman Properties of Brookline, MA, intends to focus
on Boston-based investment opportunities moving forward.
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