Beverly, MA Spire Investments has completed the purchase of a four-building apartment cluster on Phillips and Pleasant St. for $3.4 million. The properties are located at 3-9 Phillips St. and 11-13 Pleasant St. and feature one to four bedroom units. Spire Investments owner and president Jay Goldberg stated he will implement Spire’s “value-add approach” to managing the properties.
“Beverly is in the midst of an explosion, and I think the market still has a lot of room for growth,” said Goldberg. “The buildings’ attractiveness reflects just that, with a location one block from the Beverly Commuter rail and a unit mix consisting mostly of larger units with significant potential for rent growth.”
Goldberg also pointed out that at a purchase price of $189,000 per unit, less than the $193,000 per unit price that just sold for smaller units at nearby 50 Broadway, Spire was able to secure the deal with significant upside. The company will undertake various improvements over the next couple of years to meet or exceed market standards.
The seller, D&P Properties, was “a joy to work with,” according to Goldberg.
Dennis Kelleher and Steve Girolamo of Horvath & Tremblay were the brokers in the transaction.
Spire Investments invests, owns, and manages assets ranging from commercial to residential properties throughout New England.
The company brings together decades of real estate investment and management experience with a modern approach to acquiring and overseeing properties that will generate the greatest value today and for years to come. Spire Investments is focused on growth and returns while building long-term relationships with tenants, investors, and brokers, as well as with the communities it’s a part of.