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News: Owners Developers & Managers
Posted: January 6, 2011
Cawley and Braun of United Multi Family handle $4.84 million sale
United Multi Family brokered the sale of a 48-unit apartment building at 544 Central St. and 458 Lincoln St. for $4.84 million ($100,833 per unit). The sale was handled by Richard Cawley and Jason Braun of the New England office.
The masonry residences were built in 1971 and sold by L. Marinelli Realty Trust to Red Cloud LLC in an "all cash" transaction. The property consisted of 36-two bedroom and 12-one bedroom apartments with utilities paid by the tenants.
The CAP rate at the time of sale was 8.8% with the property having a gross annual income of $603,804 at full occupancy.
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.
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Quick Hits
Columns and Thought Leadership
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
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.
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
