Woonsocket, RI Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the U.S. and Canada, arranged the sale of Peters River Residences, a 36-unit apartment property, according to Tim Thompson, regional manager of the firm’s Boston office. The asset sold for $2.525 million.
Tony Pepdjonovic and John Slyman, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer was also procured by Pepdjonovic and Slyman.
Peters River Residences, constructed in 2008, are three apartment buildings located on Fulton St. Each building is comprised of (12) two- bedroom/one-bathroom units. The spacious units offer fully applianced kitchens in addition to in-unit laundry machines, central air conditioning, intercom systems, and private porches. The buildings have electric heat and tenants are responsible for paying utilities.
The offering provided the buyer with a stable, cash-flowing asset with the minimal maintenance associated with owning newer construction. There was also an element of value-add as there was upside in raising some of the current rents to market levels. The capitalization rate at the time of sale was 7.53%.
Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion.