News: Front Section
Posted: July 25, 2013
Cawley and Braun of United Multi Family broker $3.5 million apartment sale
United Multi Family brokered the sale of a 38-unit apartment complex known as the Mayflower Apartments located at 66 Mayflower Ave. for $3.5 million ($92,105 per unit). Handled by United Multi Family's Richard Cawley and Jason Braun, the brick residences were built in 1970 and comprised of 24-two bedroom and 14-one bedroom apartments. The property was sold by KMarsh-Palmer LLC and WMarsh-Palmer LLC with financing provided by Rockland Trust. The CAP rate at the time of sale was 7.58% with the property having a gross annual income of $395,280.
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