North Shore Realty Advisors procures the buyer for $18.75 million Melrose Portfolio

Melrose, MA North Shore Realty Advisors have completed the recent sale of the Pleasant Street Portfolio. The asset consists of four (4) three-story sixteen (16) unit garden-style buildings built in the 1960s situated on a 1.31 Acre lot (57,391 s/f ±). The unit mix consists of six (6) two-bedrooms, two (2) studio units, and fifty-six (56) one-bedroom units for a total of sixty-four (64) units. The asset is located directly on the Wyoming Hill MBTA train station with service into Boston. The package also consisted of seventy-four (74) ± surface parking and laundry facilities located in each building. This rare value-add opportunity located in one of the top sub-markets outside of Boston traded at an entry cap rate of 4.9% with a stabilization cap rate north of 7%.

 

 

North Shore Realty Advisors would like to congratulate and thank all parties involved along with CBRE Capital group on securing the financing on this transaction and Walker & Donlop who represented the Seller. North Shore Realty Advisors procured the buyer within this transaction.