Northeast Private Client Group Sells Multifamily Property for $7.3m

 

 

 

As seen in New England Real Estate Journal

Newton, MA Real estate investment services firm Northeast Private Client Group has completed the sale of Countryside Estates located at 60-66 School St. Drew Kirkland, senior associate for the firm, together with investment associate, Francis Saenz, represented the seller and procured the buyer in the $7.3 million transaction.

Countryside Estates is a 48-unit brick property on 3.38 acres located less than a mile from UMass Lowell. The owner-managed property, with below market rents and little deferred maintenance, was well positioned for value-added investors.

“We leveraged our relationships with qualified investors to create strong competition for our seller, resulting in a successful transaction above asking price,” said Saenz.

C&P Realty Trust, an Action-based investor, sold the property to the Lowell-based Pine Properties, Inc. for a price that equates to $152,083 per unit and a capitalization rate of 6.25% on current net operating income.

 

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.