News: Front Section
Posted: September 27, 2019
Rich and Kurt Cawley of United Multi Family handle $27 million 1031 exchange
Jamaica Plain, MA United Multi Family (UMF) has handled a $27 million 1031 exchange sale for a local client relocating to Florida. Rich Cawley and Kurt Cawley brokered the sale of 54-units at 253-261 Hyde Park Ave. and 280 Hyde Park Ave. for $13.5 million ($250,000 per unit). The properties were sold by Marina & Briana LP and Edwidge Realty LP to a local investment company. First Republic Bank provided the financing to the buyer. The properties benefited from their location,1-mile from the Forest Hills train station, providing working commuters access to downtown Boston. The portfolio traded in the 4.5% Cap Rate range.
In order to fulfill the seller’s 1031 tax deferred exchange requirements, UMF brokered the sale of the Boca Villa Apartments located at 100 West Hidden Valley Blvd., Boca Raton, FL for $13.5 million ($254,717 per unit). Handled by Rich Cawley, the property consisted of 53 residential units with site plan approval to build 55 additional units. The property was sold by BV Boca LLC to Edwidge Realty LP with financing provided by Keystone National Group. The transaction represents the strength of both the Greater Boston and Palm Beach County apartment markets.
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