As seen in New England Real Estate Journal
North Easton, MA Investment sales broker Northeast Private Client Group has completed the sale of Heritage Glen Townhouses located at 337-397 Foundry St. Drew Kirkland, senior associate, and Francis Saenz, investment associate with the firm, represented the seller and procured the buyer in the $6.625 million transaction.
The property was sold by Heritage Glen, LLC. The buyer, 335-337 Foundry St. LLC, purchased the asset at a price that equates to $207,031 per unit, and a capitalization rate of 6.7% based on current net operating income.
Heritage Glen is a 32-unit property comprising 16 two-unit buildings, located 30 miles south of Boston. The property have been owner-managed by the same entity for the past 40 years, requiring a buyer committed to making significant capital improvements.
“Whereas the local buyer pool could not see beyond the deferred maintenance, as evidenced on the property,” said Kirkland. “We successfully imported capital from Boston-based investors looking for value-add opportunities in secondary markets.”
Northeast’s tightly managed process in articulating the opportunity attracted regional interest resulting in a highly competitive offer from a qualified buyer.
About Northeast Private Client Group
Northeast Private Client Group is the fastest growing mid-market investment sales firm in the Northeast, providing unmatched results by combining specialized market intelligence with a relationship-based marketing strategy that caters to each client’s needs. The firm’s collaborative and research-driven solutions are tailored to meet the individual needs of investors across the Northeast who are looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year, and been ranked on the Inc5000 list of America’s fastest-growing private companies. To learn more, visit: www.northeastpcg.com.