Northeast Private Client Group Sells Multifamily Property in Dracut for $7.3 Million
– Leading mid-market investment sales firm represents seller and sources buyer for multifamily property in Dracut, Massachusetts–
Newton, MA (October 18, 2019) – Real Estate investment services firm Northeast Private Client Group has announced the sale of Countryside Estates located at 60-66 School Street in Dracut, Massachusetts. Drew Kirkland, senior associate for the firm, together with investment associate, Francis Saenz, represented the seller and procured the buyer in the $7,300,000 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,” explained Saenz.
C&P Realty Trust, an Acton-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 leading mid-market investment sales firm in the region and was recently named to the Inc5000 list of America’s fastest-growing private companies. With offices in New York, Connecticut, Massachusetts and Rhode Island, the firm actively supports private investors 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. To learn more, visit: www.northeastpcg.com.