Northeast Private Client Group Represents Buyers and Sellers in $8.2 Million Sale of Four MA Apartment Buildings in Two Transactions

  

Edward Jordan

 FRAMINGHAM, MA – Investment sales broker Northeast Private Client Group has announced the $8,200,000 sale of four apartment buildings located in Central and Western Massachusetts.  Edward Jordan, JD, CCIM, the firm’s managing director, exclusively represented the sellers.

Christopher Donato and Drew Kirkland, licensed associates in the firm’s Framingham, MA, office, represented the buyers in the two transactions which closed on December 3 and December 15.

“The success of these transactions is the direct result of our relationship approach to investment sales,” said Jordan. 

“Leveraging our multi-state Northeast platform, we were able create competition and source the most qualified buyers for these assets.”

Christopher Donato

In the December 3 transaction, three buildings in Westfield, MA, sold together in a $6,550,000 portfolio sale comprising 116 residential units and several commercial units in three downtown locations: 

The Columbus Avenue Apartments, 91-99 Elm Street, with 42 one-bedroom units and 10,000 square feet of fully leased commercial space; The Pilgrim Village Apartments, 8-16 & 11-21 Monroe Street, with 36 one-bedroom units; and The Van Deusen Apartments, 42 Arnold Street, with 22 one-bedroom units, three two-bedroom units and 13 loft apartments. 

The seller, WFL Associates of Lenox, MA, was the long-time owner and operator of the portfolio. 

 The buyer, Chestnut Realty Management of Springfield, MA, purchased the portfolio for a price that equates to approximately $55,000 per unit, which represents a capitalization rate of 7.7% on the current net operating income. 

Drew Kirkland

In the December 15 transaction, a 20-unit multifamily property in Spencer, MA, sold for $1,650,000. 

The Vista Lane Apartments is a professionally managed property comprising two buildings of 10 units each, located approximately 10 miles from downtown Worcester. 

All of the units are large two-bedroom floor plans with washer/dryer, private patios, ample storage and off-street parking.  

The Seller, Spencer Montrose LLP, had made many capital improvements during their long-term ownership and management of the property.  

The buyer, a private multifamily investor, purchase the property for a price that equates to $82,500 per unit, which represents a capitalization rate of 8.5% on the current net operating income.

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