Goldberg of Spire Investments purchases Beverly portfolio for $9.2m

Beverly, MA Jay Goldberg, president and owner of Spire Investments has completed the purchase of four multifamily buildings. The 33-unit purchase amounted to a sale price of $9.2 million or $278,788 per unit. The properties are all located in downtown and consist of one- and two-bedroom units. Spire Investments also purchased nearby land that will add seven parking spaces in a separate transaction.  

Goldberg said, “We purchased 33 units out of a 77-unit portfolio marketed by Steve Girolamo of Horvath and Tremblay. There was a total of eight buildings, and we focused our efforts on the four properties we felt had the most upside and greatest potential. We plan both interior and exterior improvements to the buildings.  Already, within the first two months of ownership, we have been very happy with results of increasing rents at unit turns and have rented most of the vacancy that occurred. Each of these properties are located within a one-minute drive from our office, and they add economies of scale.”

Institution For Savings provided debt and terms at 75% LTV and a loan amount of $6.9 million.