 (1).png)
News:
Owners Developers & Managers
Posted: October 5, 2018
Creahan of United Multi Family brokers $14.025m apartment sale
Saugus, MA United Multi Family brokered the sale of a 69-unit apartment building portfolio located at 20 Main St., 24 and 30 Hamilton St. for $14.025 million ($203,260 per unit). Jack Creahan of United Multi Family handled the sale.
The brick residences were built in 1969 and were sold by Procopio Companies to Park Towers V LLC.
The apartments consist of a mix of updated, semi-updated, and older units occupied by long term tenants.
This marks the first time the properties have ever been sold, as they were built buy the Procopio family in the 1960s, and have been family owned ever-since. The Procopio Cos. are located in Lynnfield, and engaged in residential construction management, site-work services, and a wide range of civil construction services, in addition to building and operating their own portfolio.
The CAP rate at the time of sale was 5.8% with the property having a gross annual income of $1.134 million.
MORE FROM Owners Developers & Managers
The Westin Portland Harborview to host exclusive VIP pop-up with The Woods Maine July 24–26
Portland, ME The Westin Portland Harborview will introduce an exclusive, limited-time pop-up shop with The Woods Maine, taking place July 24–26 in the city’s Arts District. This elevated retail experience brings The Woods Maine, the acclaimed Maine lifestyle brand behind the popular retail shop in Norway, Maine, directly to hotel guests and the local community.
Quick Hits
Columns and Thought Leadership
IREM president’s message: Our new reality - Staying ahead of supply chain delays - by Yoany Vargas
Supply chain delays are slowing construction, ratcheting up operating costs, and extending turnover timelines across Greater Boston, directly reducing revenue and increasing the workload for multifamily and
Revitalized Town Centers: Retail??? - by Carol Todreas
It is now widely accepted that customers want to shop in person at physical stores. Brands know that they do better business in a physical store than just on line so they want to open stores. Demand for retail space by digital merchants, local entrepreneurs, and newly developed national chains
Florida ruling raises bar for condo terminations and buyouts - by Michael Karsch
On October 14, 2025, in a landmark decision with significant implications for the Florida real estate market, the Supreme Court of Florida formally denied Two Roads Development’s (TRD Biscayne LLC) petition for review in its long-running case against unit owners of Biscayne 21,
Retail infill strategy to activate Pawtucket’s Conant Thread District - by Gaetan Kashala
Until recently, the Conant Thread District consisted of approximately 150 acres of underutilized industrial land spanning Pawtucket and Central Falls. Today, the area is one of the most significant