News: Owners Developers & Managers

Arrowpoint Properties purchases two apartment buildings for $4.1 million

80 Lowell Street - Methuen, MA

Methuen, MA Arrowpoint Properties continues to be active in the marketplace with its recent purchase of two brick buildings totaling 30 units  for a combined purchase of $4.1 million. The first purchase being an 18-unit apartment building located at 175 Haverhill St. for $2.65 million ($147,222 per unit), and the second purchase being a 12-unit building located at 80 Lowell St. for $1.45 million ($120,833 per unit). 

David Lamattina
Jay Goldberg

“These properties are value-add opportunities and fit exactly what we do,” said David Lamattina, president of Arrowpoint Properties. 

175 Haverhill St. is located across the street from Merrimack Plaza which features retail tenants that include a Market Basket, Rite Aid and Bank of America. The property is also located on the MBTA bus route and a half mile from Rte. 93. The vintage, garden-style brick building was built in 1970 and has been owned by the Symes family for many years. The 18 unit consists of 11 two-bedrooms, 61 one-bedrooms, and one studio.

“We had a relationship with the seller and were able to consummate an off-market deal,” said Jay Goldberg, managing partner of Arrowpoint Properties. “The timing was good for both sides to make this transaction.” 

80 Lowell St. was being marketed by Northeast Private Client Group, when Arrowpoint came in and made a strong offer to secure the property. The 12 unit, garden-style brick building consists of 11 two-bedroom units and a one-bedroom unit. East Boston Savings Bank provided financing for both loans. 

Arrowpoint now owns and manages over 330 units in the Merrimack Valley.

MORE FROM Owners Developers & Managers

Mount Vernon Co. acquires John Carver Inn & Spa in Plymouth, MA

Plymouth, MA The Mount Vernon Company (MVC), a Boston-based real estate and hospitality investment firm, has completed the acquisition of the John Carver Inn & Spa, an 80-room property.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Selecting the right façade installation firm - by Steven Powell

Selecting the right façade installation firm - by Steven Powell

As the owner of a major new property being developed, or an existing large building preparing for major renovation, you want your design and construction team to have the right experience, capabilities, and expertise to match the project demands. A critical member of this team will be the façade installation specialty firm, since the quality of this installation will impact
IREM President’s Message: Fostering community connections during the holiday season

IREM President’s Message: Fostering community connections during the holiday season

The holidays are again taking center stage, and with them comes an opportunity for multifamily communities to connect with the businesses and organizations in their cities and towns, fostering a sense of unity and generosity during this giving season
Recently passed legislation creates opportunities to meet CT’s changing energy needs - by Klein and Feinn

Recently passed legislation creates opportunities to meet CT’s changing energy needs - by Klein and Feinn

For decades, New England has had a summer-peaking power system, where the greatest energy use occurs on the hottest and most humid days, due to widespread use of air conditioning. But by the mid-2030s, electrification of the heating sector likely will result in a winter peak that’s higher than the summer peak.