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News: Front Section
Posted: November 10, 2011
Cawley and Braun of United Multi Family broker $2.535 million sale
United Multi Family (UMF) brokered the sale of a 36 unit apartment building at 20 Eames St.-66 Pratt St. for $2.535 million ($70,417 per unit).
The transaction was handled by Richard Cawley and Jason Braun of the UMF New England office. The brick residences were built in 1970 and were comprised of 35-one bedroom and 1-studio apartment.
The property was an "off market" transaction with UMF putting the deal together with the first buyer it brought to the property. The property was sold by Pratton Properties LLC to Pratt Street Apartments LLC.
Financing provided by Digital Credit Union. The CAP rate at the time of sale was 8.15% with the property having a gross annual income of $356,100.
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