United Multi Family brokered the sale of a 60 unit apartment building at 365-367 Elm St. for $3 million.
Handled by James Linfield of the New England office, the brick residences were built in 1974 and sold by Cox Plaza Realty Inc. to Gardner Commons LLC c/o Ed Jennings with financing provided by Bear Stearns Funding.
The CAP rate at the time of sale was 9.78% with the property having a gross annual income of $487,980.