Gloucester, MA Jay Goldberg of Spire Investments closed out 2021 with the purchase of Magnolia Landing, located in Magnolia, a small village in town. The 18-unit complex located at 16 Magnolia Ave. sold for $3.55 million and comprises a mix of one and two-bedroom units.
Stephen Girolamo of Horvath & Tremblay brokered the deal under a very competitive bidding process.
“This property has tremendous upside. There are few properties with this much common area you can take advantage of to create additional value,” said Goldberg. “I look forward to unlocking the hidden value of this property. Magnolia is a great market with further potential for this type of investment.”