Drinkwater, Richard of Marcus & Millichap broker $2.796m sale of Briarwood Apts.
Laurie Ann Drinkwater, CCIM and Seth Richard of Marcus & Millichap Real Estate Investment Services of New Haven brokered the $2.796 million sale of Briarwood Apartments. The property is a 56-unit garden-style apartment complex situated on a 6.44-acre site. There are 7 two-story buildings with a gross building area of 45,000 s/f. The unit count is 24 one-bedroom/one-bath and 32 two- bedroom/one-bath units with 88 surface parking spaces. The improvements were constructed in 1974 and renovated between 2001 and 2002. At the time of sale Briarwood Apartments was 98.2% occupied. The property is considered a Class B property in the marketplace. Marcus & Millichap represented the seller, Richmond Windham, LP, a regional based investor, and the buyer, Landmark Management, a Conn.-based investor which completed the 1031 exchange from Canterbury Commons.
Drinkwater and Richard represented Landmark Management in the $922,000 sale of Canterbury Commons. The property, anchored by Rite Aid, is a 5-unit strip center situated on 4.17-acres in Canterbury. Canterbury Commons is a one-story building with 10,000 s/f of gross building area. There is an additional 4,000 s/f approved for future expansion. The seller, Landmark Management, LLC, built Canterbury Commons in 1998 and made all of the necessary infrastructure improvements to construct the 14,000 s/f shopping center. The seller, Landmark Management, LLC, and the buyer, Canterbury Commons, LLC, are both Conn.-based investors.
New England’s notorious weather – from fierce winter storms to summer squalls and fall hurricanes – can leave businesses in the dark. While power outages are often blamed on storms, they can also be caused by unforeseen events like accidents or construction mishaps. While it’s impossible to prevent disasters and power outages entirely, proactive preparation can significantly minimize their impact on your commercial building.
The New England Real Estate proud to showcase the remarkable projects that have graced the cover and center spread of NEREJ this year, all made possible by the collaboration of outstanding project teams. Now, it's time to recognize the top project of 2024, and we need your vote!
Long-term interest rates have fallen by 100 basis points, and the market is normalizing. In December of 2022 I wrote an article about investing in a high interest rate, high inflation market. Since then, inflation has cooled off, and the Fed has begun lowering their funds rate.
The industrial markets have never been stronger. What has happened is that the build out of Devens with new high-tech biotech manufacturing with housing to service these buildings serves as the connector required to really make the I-495 West market sizzle. Worcester has been the beneficiary