UMF Trades 76-Unit Multifamily Legacy in Ayer for $12,105,000February 27, 2020
AYER–Situated at the crossroads of Route 495 and Route 2, the 76 unit apartment complex known as the Littleton Lyne Apartments has benefited well from the emergence of industrial and warehouse activity over the past several years, as evidence in the recent exclusive trade of the 3-building, 3-story garden-style complex by United Multi Family. Located at 119-125 Littleton Road, Ayer, MA, the property sold for $12,105,000 ($159,276 per unit).
Kurt Cawley and Rich Cawley handled the sale for UMF, representing the seller, Littleton Lyne LLC, and procuring the buyer, Ayer Montrose LLC. Eastern Bank provided the financing on the transaction, which Kurt Cawley said fit a perfect profile for one local investor. “The sale of the Littleton Lyne Apartments represents the strength of the Massachusetts multifamily market. The size and vintage appeal of the property were a prime fit for investors seeking a value-add opportunity.”
Middlesex County continues to be a draw for investors of all property types, but in particular sales of industrial and warehouse have continued to experience strong yield over the past few years, and as companies continue to expand into the area, Cawley sees the multifamily market as an attraction as well.
“The location of the asset, its proximity to Route 2, was a major draw to investors who see the strength and future potential of that corridor – one where industrial, flex and distribution properties can link directly into Boston’s urban core,” added Cawley.
The previous Legacy ownership held the complex within the family for decades.Rich Cawley Kurt Cawley