Northeast Private Client Duo Trade Over $4 Million in Five Lowell Multifamily TransactionsOctober 03, 2019
LOWELL– Northeast Private Client Group recently completed the exclusive sale of Salem Street Apartments located at 219-221 Salem Street in Lowell. Drew Kirkland, Senior Associate, and Francis Saenz, Investment Associate with the firm, represented the seller and procured the buyer in the $1,035,000 transaction. XYZ Atlantic Property LLC traded the property to Bird and Fish Realty LLC for a price that equates to $172,500 per unit, unprecedentedly high for the area.
Located adjacent to the UMass Lowell campus, the 6-unit multifamily is ideally situated for student housing, resulting in strong cash flow for the property. “We leveraged our relationships with local property owners to generate competitive offers from seasoned buyers who understand the student housing market,” confirmed Kirkland.
Salem Street Apartments is one of five deals closed by Northeast PCG in Lowell over the summer. According to a release, most of these properties were sold to local investors adding to existing portfolios with management in place. The firm’s ability to articulate the value of these properties in the market, in addition to their long-term relationships with local investors, has been integral in facilitating these transactions to the satisfaction of the buyer and the seller alike.
Kirkland and Saenz also represented the seller and procured the buyer of 17 South Whipple Street in Lowell. The property consists of six one-bedroom units. The Revere-based seller, TRS Whipple Street Realty Trust, sold the property to Lighthouse Properties LLC for $535,000. This sale closed at a capitalization rate of 6.67 percent on the current net operating income of the property.
The brokerage duo also sold three other investment properties over the course of three months, including 485 Bridge Street in Lowell. The mixed-use property consists of ten one-bedroom units and a ground level laundromat. The Haverhill-based seller, Lee Properties LLC, sold the property to a private local investor for $1,327,500. This sale closed at a capitalization rate of 8.94 percent on the current net operating income of the property.
The final two Lowell sales included a six and five unit with local owner representation. 22-32 Brooks Street is a six-unit property in the Acre Neighborhood of Lowell. A private Chelmsford-based seller sold the property to a private local investor for $785,000. Completing the Lowell trade run, 74 Elm Street sold to private local investors for $615,000. The sale closed at a capitalization rate of 7.94 percent on the current net operating income of the property.Francis Saenz Drew Kirkland 485 Bridge Street, Lowell MA