–Leading investment sales firm represents the seller and procures the buyer for the multifamily property in Lawrence, Massachusetts–
Newton, MA (JANUARY 24, 2023)– Northeast Private Client Group® (NEPCG) has announced the sale of the South Broadway Apartments in Lawrence, Massachusetts. Senior Associate Brad Carlson represented the seller and procured the buyers for the multifamily transaction. South Broadway Apartments: located in Lawrence, Massachusetts, sold for $2,100,000.
A stone’s throw from the Merrimack River, South Broadway Apartments sits in the heart of Downtown South Lawrence, ideally located within walking distance of grocery stores and restaurants. The South Broadway Apartments includes 39 residential units across three floors and 17,706 square feet. At a price per unit of $53,846, the property traded at a capitalization rate of 9.05%.
“Lawrence, a suburb of Boston, has seen tremendous growth due to its year-over-year population increase. The investment poured into Lawrence over the last ten years has resulted in rising rents. This SRO “single room occupancy” property provides the market with a low-cost housing option. These properties are historically more management intensive than typical apartment buildings; the prior owners had no systems in place for this level of property management. They reached out to me to see if I could help them sell the property before the end of the year. We delivered the sellers a clean offer with no contingencies and closed on the property within three weeks of our initial marketing. Through our process and network of buyers, we were able to execute this sale before the end of the year. We expect to continue to be the top trusted advisors for sellers of apartment buildings throughout New England.” – Brad Carlson, Senior 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.