News: Front Section
Posted: November 8, 2019
Northeast Private Client Group sells multifamily property for $7.3m
Dracut, MA Real Estate investment services firm Northeast Private Client Group has completed the sale of Countryside Estates located at 60-66 School St. Drew Kirkland, senior associate for the firm, together with investment associate, Francis Saenz, represented the seller and procured the buyer in the $7.3 million transaction.
Countryside Estates is a 48-unit brick property on 3.38 acres located less than a mile from UMass Lowell. The owner-managed property, with below market rents and little deferred maintenance, was well positioned for value-added investors.
“We leveraged our relationships with qualified investors to create strong competition for our seller, resulting in a successful transaction above asking price,” said Saenz.
C&P Realty Trust, an Acton-based investor, sold the property to the Lowell-based Pine Properties, Inc. for a price that equates to $152,083 per unit, and a capitalization rate of 6.25% on current net operating income.
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