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News:
Owners Developers & Managers
Posted: April 8, 2016
Christie and McGee of NAI Hunneman broker $31 million multifamily sale - represented the seller Spring Hill Realty Trust and procured the buyer Nora, LLC
Spring Hill apartment, 155-163 Summer Street - Somerville, MASomerville, MA NAI Hunneman, a leading provider of commercial real estate services, brokered the $31 million sale of the 106-unit Spring Hill apartment complex located at 155-163 Summer St. in the Spring Hill neighborhood of Somerville.
Executive vice president Carl Christie, assisted by assistant vice president Dan McGee represented the seller Spring Hill Realty Trust and procured the buyer Nora, LLC.
“This was truly a unique offering” said Christie. You hear the word generational real estate all the time, but this was literally built and owned by the same family for nearly a hundred years. In addition, it was a tremendous opportunity for investors to acquire 106 units in Somerville. The listing was one of the most sought after properties on the market and we were pleased to have represented the seller.”
Spring Hill apartments includes three adjacent buildings located on a combined 1.12 acres. The buildings have visibility and frontage on Summer St. and are centrally located between Union Sq. and Porter Sq. According to walkscore.com, the site has a walk score of 87 (very walkable) for its access to transportation, restaurants, entertainment, and shopping. Future transit options will be improved when the new Green Line extension is completed in the next several years. The future Gilman Sq. T-stop near Somerville High School will be a 10 minute walk. Currently it is a 20-minute walk to the Porter Sq. Red line T stop.
Carl Christie, NAI Hunneman
Dan McGee, NAI Hunneman
Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 6,700 professionals and 375 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets.
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