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Tue, Jan 26
A Compendium of Property & Capital News
Tue
Jan 26
A Compendium of Property & Capital News

Saenz & Kirkland of Northeast Private Team Up on $7.3M Trade of Reading Multifamily

December 04, 2020
625 Main Street, Reading MA

NEWTON – Real Estate investment services firm Northeast Private Client Group recently completed the sale of the General Washington Apartments located at 625 Main Street in Reading, Massachusetts. Francis Saenz & Drew Kirkland, senior associates for the firm, teamed to represented the seller and procured the buyer in the $7,325,000 trade.

According to a release, General Washington Apartments is a five-story, 39-unit brick apartment building constructed in the 1960s that is on a 0.72-acre lot in downtown Reading. The building features a diverse unit mix, separated electric, on-site laundry & approximately 45 parking spaces. Four miles from Interstate 95 & just half a mile from Reading MBTA Commuter Rail. This was a value-add investment through renovating the remaining units & bringing rents to market level. “

“With only being able to market this quietly off-market, we were able to negotiate a contract & a timely closing. This is a highly sought-after generational asset that has withstood the test of time,” explained Francis.

The property closed at a price that equates to $187,820 per unit at a capitalization rate of 6.1% on current net operating income.