“The success of this transaction is the direct result of our relation approach to investment sales,” said Mr. Jordan. “With our regional brokerage platform, we were able to identify the right buyer for this off-market assignment and get the deal closed.”
The Thompson Estates property comprises a fully leasedthree-
“High occupancy and positive rent growth are driving strong demand in the Boston area submarkets, especially for multifamily properties,”
The Quincy, MA-based buyer purchased the property for a price that equates to $125,000 per unit, which represents a gross rent multiplier of 7.9 and a capitalization rate of 8.7% on current net operating income. The transaction was made contingent on the assumption by the buyer of the existing FNMA mortgage on the property. The seller, Newman Properties of Brookline, MA, intends tofocus on Boston-based investment opportunities moving forward.
About Northeast Private Client Group
Founded in 2010 by Edward Jordan, Northeast Private Client Group supports real estate investors with offices in New York, Connecticut and Massachusetts. Northeast Private Client Group has been selected by CoStar Group, Inc., commercial real estate's leading provider of information and analytics, to receive the “CoStar Power Broker Award" for 2012 and 2013. The firm specializes in representing owners of income-producing properties and supporting those who invest and sell such properties across a region that stretches from New York to Boston. Mr. Jordan holds the Certified Commercial Investment Member (CCIM) designation and has served on the board of directors of CCIM. http://www.northeastpcg.com