Spire Investments purchases Salem apartment building for $3.26 million

Salem, MA Spire Investments has completed the purchase of a 12-unit brick building for $3.26 million. The property consists of a three-story brick apartment building which sits adjacent to Shetland Park. The unit mix comprises two- and three-bedroom units, each around 1,000 s/f. The property was marketed by Brian DApice of the Mega Group with an initial asking price of $3.4 million. 

Jay Goldberg, president and owner of Spire Investments said, “We immediately submitted a compelling offer the first day this property hit the market. And now with active management, this property will turn around very quickly, as it offers a lot of attractive components.” 

Prior to closing, the seller remodeled all the exterior fire escapes, upgraded the fire alarm and sprinkler system, and provided a credit to install a new roof post-closing. 

Francesca Little of Little & CO represented Spire Investments on the buy side, and Institution for Savings provided financing.