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Owners Developers & Managers
Posted: May 5, 2017
Creahan of United Multi Family arranges $7.5 million sale of 42-units
United Multi Family
Lynn, MA Jack Creahan of United Multi Family (UMF) represented the owner in the sale of Needhams Landing located at 9 Needhams Land Rd. for $7.5 million.
The riverfront complex was recently built in 2015 with a total of 42 units consisting of 13 two-bedroom, 13 one-bedroom and 16 studios. The units feature granite counters, bamboo flooring, stainless steel appliances, balconies and assigned parking.
Community amenities include a riverfront patio, outdoor cooking facilities, onsite and in-unit laundries, storage units, and video security.
The CAP rate at the time of sale was 6.86% with the property having a gross annual income of $707,400.
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