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News:
Owners Developers & Managers
Posted: February 26, 2016
Christie and McGee of NAI Hunneman broker $7.05 million sale of a 67-unit multifamily portfolio
61-83 Park Avenue West - Lowell, MALowell, MA NAI Hunneman, a leading provider of commercial real estate services, recently brokered the $7.05 million sale of a 67-unit multifamily portfolio located at 330 Nesmith St., and 61-83 Park Ave. West in the Belvidere neighborhood of the city. Executive vice president Carl Christie, assisted by assistant vice president Dan McGee represented the seller Nesmith Park LLC and procured the buyer 330 Lowell, LLC.
“This offering drew tremendous interest from local and regional apartment investors” said Christie. “The location was desirable and when you combine that with a sizeable garden-style portfolio you get a good reaction from the market. We were able to facilitate dozens of tours and multiple offers.”
Carl Christie, NAI Hunneman
Dan McGee, NAI Hunneman
The portfolio included a 24-unit brick building at 330 Nesmith St. and a 43-unit brick apartment complex at 61-83 Park Ave. West. The two properties are located ½ mile (3 minute drive) from one another. 330 Nesmith St. is located on a high visibility street. 61-83 Park Ave. West abuts Fort Hill Park and benefits from its natural beauty. The occupancy is at the time of the sale was 98% (1 vacancy) and the buildings have a strong stable cash flow. Both properties are close to a wealth of area amenities and local highways with connections to I-495, via Rte. 38, within 5 minutes (1.2 miles). The Lowell Connector with access to Rte. 3 is 5 minutes (1.1 miles) away.
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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