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| 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.”
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| 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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