Brian DApice, The Mega GroupSalem, MA The Mega Group has completed the sale of a 66-unit apartment portfolio in downtown. Brian DApice of The Mega Group facilitated the off-market transaction exclusively representing the buyers, Residence at Lafayette North LLC and Residence at Lafayette South LLC managed by James Gebo and Norman Lee.
The portfolio was an estate sale known as “The Dzierzek Salem Portfolio” and it closed for $5.8 million from the William A. Dzierzek Trust.
The sale was recorded on two deeds representing three buildings on the corner of Lafayette and Dow St. at a 6.02% CAP and three buildings on the corner of Lafayette and Cedar St. at a 6.08% CAP, factoring all variables. The addresses for the properties in the portfolio include: 157 Lafayette St., 10 Dow St., 12 Dow St., 176 Lafayette St., 182 Lafayette St., and 7 Cedar St.
Gebo and Lee said, “The opportunity presented an immediate benefit with existing under-market rents scheduled to be brought up to market value.”
Sean Cummings of Middlesex Federal Savings, FA in Somerville provided the financing in the transaction. An additional $300,000 in the form of a construction loan was also provided by Cummings to improve common areas and to upgrade units as they became available.
Lee said, “DApice and I talk almost daily to discuss investment opportunities in the marketplace offered to them by other brokers and private market deals. His resources and attention to detail has been paramount to me, my partners and our investors.”
It has been a busy winter for The Mega Group, its principal Brian DApice has now closed $10.78 million is investment sales in 59 days. DApice is no stranger to estate sales of larger apartment portfolios, he closed a 14-building, 155-unit package in Peabody to Gebo, Lee and another partner Shawn Farrell known as Northfield Properties for $8.3 million, also financed by Cummings.
The Mega Group is a full-service commercial real estate firm founded in 1997, which primarily helps investors and property owners fulfill their needs by using personal touches and traditional methods of marketing commercial real estate.
