Newman Properties purchases 24-unit William Waye for $7 million - financing provided by Norwood Bank

June 01, 2018 - Front Section

Whitman, MA Coleross James LLC, an entity of Newman Properties, purchased William Waye, a townhouse community, located at 855 Temple St. The purchase price was $7 million and financing was provided by Norwood Bank. The property was purchased directly from Etta Properties LLC, in an off-market transaction.

Matthew Newman, principal and owner of Newman Properties, explains why the company decided to purchase the property, “Whitman is a great town, and this was an opportunity to buy 24 brand-new, high-quality construction townhouses. The location is ideal as it is only a 30 minute commuter train ride into South Station. Our company has been looking to increase our South Shore presence, and this property is a perfect fit. We are continuing our search for additional apartment rental communities and properties from Quincy to Hyannis along the South Shore.”

William Waye is located near the center of town, off of Rte. 27. The property is accessible to Rte. 18 and Rte. 123. Public transportation is accessible via the local MBTA commuter rail stop, which is three miles away.

The property features 24 townhouses. The townhouses were constructed between 2014 - 2016 and are 1,300 s/f. Each townhouse has three bedrooms, one full-bathroom, and one half-bathroom. They come equipped with stainless steel appliances, granite countertops, hardwood floors, central A/C, and laundry hook-ups. All townhouses provide tenants with off-street parking, full basements and deck patios. 

With a distinguished portfolio of residential and commercial properties, Newman Properties owns and manages over 500 residential units as well as numerous office and retail properties. The company has bought and sold over $250 million worth of property in the areas surrounding Boston and Massachusetts’ South Shore. Currently the company has projects in the pipeline that include condo conversions, renovation and add-value projects, as well as buy and hold projects. In addition, the company is currently overseeing multiple developments, including ground-up construction projects, and is seeking new acquisitions. 

Comments

Add Comment


More from the New England Real Estate Journal