Pembroke, MA United Multi Family (UMF) brokered the sale of a 38 unit apartment building at 180 Schoosett St. for $4.5 million ($118,421 per unit). The sale was handled by Richard Cawley and Jason Braun of UMF. The The property consists of vinyl sided residences and were built in 1995 and consisted of 4 two-story buildings with 4 three-bedroom/two bath, 17 two-bedrooms/two bath and 17 two-bedroom/one bath along with an on-site management office and coin-op laundry. The property was built under the regulations of Chapter 40B with 25% of the units being rented to tenants qualifying for affordable housing. The CAP rate at the time of sale was 8.30% with the property having a gross annual income of $583,800.
UMF also brokered the sale of a 49 unit apartment building at 4000 North Main St. in Fall River, Mass. for $3.5 million ($71,429 per unit). The sale was arranged by Braun. The vinyl siding residences were built in 1989 and were sold to a local investor with financing provided by Arbor Commercial.