Leading mid-market investment sales firm represents the seller and procures buyer for the four-building portfolio in Lowell, Massachusetts
Newton, MA (September 22, 2021) – Northeast Private Client Group’s ® (NEPCG) has announced the sale of Carriage House Portfolio in Lowell, Massachusetts.
Senior Associate Drew Kirkland and Investment Associate Jim Casey represented the sellers and procured the buyers across the multi-property transaction totaling $4,560,000. Senior associate Francis Saenz also provided support throughout the process.
Carriage House Portfolio, located in Lowell, Massachusetts, sold for $4,560,000. This equates to a price of $175,385 per unit and a cap rate of 4.52%. The portfolio consists of 26 units across four separate buildings. The first building located at 41 Gaudreau Street is made up of 11 townhomes with 2-bedrooms and1.5 bath units and ample off-street parking. The property located at 326 Hildreth Street features underground and off-street parking with similar units across six townhomes. The building at 181 Parker Street boasts a garage and off-street parking with an additional four townhouses and a single-family unit. Finally, 300 Foster Street features four apartments consisting of 2-bedroom-1 bath units with ample off-street parking. All units in this portfolio maintain in-unit washer and dryer hookups and strong value-add opportunities through interior renovations and increasing rent to market levels.
Senior Associate Drew Kirkland has closed a sale volume of over $188 million across 83 transactions. Kirkland specializes in multifamily real estate portfolios, offices, shopping centers, and retail/mixed-use properties throughout Connecticut and Massachusetts. Investment Associate Jim Casey has a sales volume of over $75 million across 26 transactions. While specializing in multifamily apartment buildings, Jim has helped numerous clients strategize with retail, office & mixed-use buildings throughout Greater Boston.
“Previous ownership was 20 plus years, and the owners strategically kept rents below market to ensure high collections & minimal vacancy. By creating a competitive process and bringing multiple offers, we negotiated a contract off-market just north of our asking price for our clients. The new buyers will have immediate upside as all four buildings are turn-key properties and located in one of the fastest-growing submarkets outside of Boston.” – Jim Casey, Investment Associate.
Northeast Private Client Group® specializes in mixed-use, retail, and multifamily real estate, exclusively representing investors, property owners, and professional real estate investors. To date, more than 1000 successful transactions have been completed totaling over $3 billion in value within local submarkets around the Northeast and Southeast regions of the United States.