Neighbor News
North Easton Multifamily Property Sells for $6.625 Million
Northeast Private Client Group represents seller and sources buyer for a 32-unit multifamily property in North Easton, MA
North Easton, MA (September 17, 2019) – Investment sales broker Northeast Private Client Group has announced the sale of Heritage Glen Townhouses located at 337-397 Foundry Street in North Easton, MA. Drew Kirkland, Senior Associate, and Francis Saenz, Investment Associate with the firm, represented the seller and procured the buyer in the $6,625,000 transaction.
Heritage Glen is a 32-unit property comprising 16 two-unit buildings in the affluent community of North Easton, located 30 miles south of Boston. The property has been owner-managed by the same entity for the past 40 years, requiring a buyer committed to making significant capital improvements.
“Whereas the local buyer pool could not see beyond the deferred maintenance, as evidenced on the property,” explained Kirkland. “we successfully imported capital from Boston-based investors looking for value-add opportunities in secondary markets.”
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Northeast’s tightly managed process in articulating the opportunity attracted regional interest resulting in a highly competitive offer from a qualified buyer.
The property was sold by Heritage Glen, LLC, an Easton, MA-based owner-operator. The buyer, 335-337 Foundry St, LLC, a privately held Boston-based investor purchased the asset at a price that equates to $207,031 per unit, and a capitalization rate of 6.7 percent based on current net operating income.
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About Northeast Private Client Group
Northeast Private Client Group is the leading mid-market investment sales firm in the region and was recently named to the Inc5000 list of America’s fastest-growing private companies. With offices in New York, Connecticut and Massachusetts, the firm actively supports private investors looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year. To learn more, visit: www.northeastpcg.com.