Northeast Private Client Group Sells Revere, Mass. Apartment Building for $2.6 Million
— Leading mid-market investment sales firm reps seller and sources buyer for apartment building–
Newton, Mass. (August 6, 2018) – Investment sales broker Northeast Private Client Group has announced the sale of the Revere Beach Parkway Apartments located at 473 Revere Beach Parkway in Revere, Mass. Drew Kirkland, senior associate, and Francis Saenz, investment associate, in the firm’s Massachusetts’s office, represented the seller and procured the buyer in the $2,666,666 transaction, which closed on June 28th.
“We have a proven track record of matching our mid-market clients with qualified buyers for commercial and multifamily properties,” said Kirkland. “In this instance we worked exclusively for the owners of the property to manage a highly competitive process and identify the successful buyer for the asset.”
The seller, Boston-based Nine John Street LLC, sold the property to 7 Hills Living Community LLC in Bedford, Mass. for a price that equates to $333,333 per unit, and a capitalization rate of 5.9 percent based on current net operating income. The property consists of eight two-bedroom apartment units.
“Our team has a deep understanding of investment real estate with local expertise in regional submarkets from Boston to New York,” explained Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. “Our specialized knowledge and relationship-based approach provide unmatched results for our clients.”
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.