United Multi Family (UMF) brokered the sale of a 21-unit apartment building at 35-50 Lake St. for $1.525 million ($72,619 per unit).
Handled by Jim Conway of the New England UMF office, the brick residences were built in 1972 and sold by United Realty Trust to P&P Realty Trust with financing provided by LaSalle Bank. The CAP rate at the time of sale was 7.5% with the property having a gross annual income of $191,340.
Utilizing the 1031 tax deferred exchange the buyer's were able to defer paying capital gains taxes on their recent sale of a multi-family in the Boston area.