North Shore Realty Advisors, Inc. brokers $10.404 million 48-unit apartment sale

Kingsley Terrace Apartments, 1-4 Kingsley Terrace - Lynn, Mass.

Lynn, MA North Shore Realty Advisors, Inc. completed the sale of the Kingsley Terrace Apartments located at 1-4 Kingsley Terrace. This garden-style 48-unit asset sold for $10.404 million which equates to $216,750 per unit. The unit-mix consists of 48 one-bedrooms.

Dan Pouladian of North Shore Realty Advisors represented the seller and Larry Tamkin represented the buyer. Pouladian was able to navigate multiple offers in order to obtain the best results for the client.

Kingsley Terrace was built in 1910 and consists of two garden-style 24-unit buildings with three stories and six surface parking spots. The property features 48 separate gas boilers, new rubber membrane roofs, common area upgrades as well as two recently installed stainless steel 120-gallon hot water tanks. The property provides the opportunity to add-value and increase rents to market through renovations within a supply constrained market.

It provides investors with a critical mass of units within an urban dense population. The Kingsley Terrace apartments are minutes to public transportation, routes to Boston and surrounding amenities.

Tags: Owners Developers & Managers

Reprint

Previous Story Next Story

Colwen Hotels celebrates opening of the first hotel in Portland’s Thompson’s Point - Residence Inn by Marriott and Moxy Hotel

Portland, ME Colwen Hotels celebrated the opening of Residence Inn by Marriott and Moxy Hotel Portland Thompson’s Point, the first hotel in the city’s Thompson’s Point district. Developed by XSS Hotels and managed by Colwen Hotels, the five-story, dual-branded property introduces 148 guestrooms to one of southern Maine’s fastest-growing waterfront destinations.

Brookfield Properties has rebranded as BGRE

Cathartes and Tidemark to open Marlo on Mill Pond this fall

Project of the Month: Brady Sullivan opens The Lofts at 93 North - Modern luxury apartments in Concord, N.H.

Peyser Real Estate Group celebrates ribbon-cutting for $55 million Dexter Street Commons

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Construction Design & Engineering

ABC chairman’s message: Governor’s data center construction framework would shut out ABC members - by Luiza Mills

Columns and Thought Leadership

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

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

The legislature has spoken: New Hampshire doubles down on housing in commercial zones - by John Sokul

Last year, the New Hampshire Legislature enacted HB 631, a landmark housing measure requiring municipalities to permit multifamily housing in commercially zoned districts. The law generated