UMF Completes Boston to Boca 1031 Exchange in $27M Multifamily TradeSeptember 11, 2019
BOSTON–United Multi Family handled a $27,000,000 1031 Exchange sale for a local Boston client relocating to Florida. Rich Cawley and Kurt Cawley brokered the sale of 54 Units at 253-261 Hyde Park Avenue and 280 Hyde Park Avenue in Jamaica Plain for $13,500,000 ($250,000 per unit).
The properties were sold by Marina & Briana LP and Edwidge Realty LP to a local investment company. First Republic Bank provided financing to the buyer. The apartments are one-mile from the Forest Hills train station, providing working commuters access to Downtown Boston and contributing to their appeal for investors. The portfolio traded in the 4.5% Cap Rate range.
UMF President, Rich Cawley said it was the 1031 instrument that fit well with their client. “Our full-service approach to deal management allowed our client the needed time to facilitate their 1031 tax-deferred exchange and to achieve their long-term goals of transferring their wealth down south ... the process made for an overall smooth transaction.”
In order to fulfill the seller’s 1031 exchange requirements, UMF brokered the sale of the Boca Villa Apartments located at 100 West Hidden Valley Boulevard, in Boca Raton, FL for $13,500,000 ($254,717 per unit). Handled by Rich Cawley, the property consisted of 53 residential units with site plan approval to build 55 additional units. The property was sold by BV Boca LLC to Edwidge Realty LP with financing provided by Keystone National Group. The transaction represents the strength of both the Greater Boston and Palm Beach County apartment markets.Kurt Cawley Rich Cawley