Randolph, MA Apartment Building Sells for $3.0 Million

FRAMINGHAM, Mass. - March 27, 2014 - PRLog -- Investment sales broker Northeast Private Client Group has announced the sale of Thompson Estates, a 24-unit apartment building located at 14 Thompson Drive in Randolph, MA.  Edward Jordan, JD, CCIM, the firm’s managing director, represented both the seller and the buyer in the $3 million transaction that closed on March 14.  Christopher Donato, regional manager in the firm’s Framingham, MA, office, supported Mr. Jordan.

“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-story apartment building built in 1981, with 24 two-bedroom units, on-site laundry and ample off-street parking on 1.25 acres.  Originally designed as condominium units, all utilities are individually metered to the tenants.

“High occupancy and positive rent growth are driving strong demand in the Boston area submarkets, especially for multifamily properties,” said Mr. Donato.  “With uncertainty in the financial markets, income-producing real estate remains one of the best opportunities for generating and preserving wealth.”

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