Log in Subscribe Front Page Current Issue Real Briefs Recent Trades Subscribe/Renew Events Advertise Contact Us
Sun, Nov 27
A Compendium of Property & Capital News
Nov 27

Northeast Private Trades 5-Building 86-Unit Multifamily Portfolio in Pittsfield for 5.2M

October 24, 2022

PITTSFIELD — Northeast Private Client Group recently completed the sales assignment of a five-building Pittsfield multifamily portfolio in Pittsfield, Massachusetts. Senior Associates Taylor Perun and Tim McGeary represented the seller and procured the buyers for the transaction.

According to a release, the Pittsfield assets at 15 Orchard Street sold for $5,200,000. With a price of $60,465 per unit, the 86-unit multifamily property provides the new owner with an excellent value-add opportunity, The unit mix consists of 38 one-bedroom, 41 two-bedroom, and seven (7) three-bedroom apartments.

“We are excited to have brought investors’ attention to this market through a competitive process. Pittsfield has historically been an underserviced area with tremendous value, yet under the radar of many investors,” said Tayler Perun. He added, “The strong rental demand comes from one of the most populated communities in the Berkshires. Many entities are legacy owners and have operated in the market for decades. Capitalizing on under-market rents and better management can create an excellent value-add opportunity. We see this as a market that will attract much more attention as investors get priced out of more competitive suburban markets.”

All 11 buildings are in proximity of each other, making potential future improvements to the multifamily portfolio convenient. Additionally, the portfolio features ample off-street parking and tenant-paid utilities.