–Leading mid-market investment sales firm represents the seller and sources the buyer for the apartments in Providence, Rhode Island–
Newton, MA (August 4, 2021) – Real estate investment services firm Northeast Private Client Group® (NEPCG); has announced the sale of The Bradford and Jones Street Apartments, both located in Providence.
Senior Associate Tim McGeary represented the sellers and procured the buyers in the two transactions totaling $8,400,000. Associate Jake Freeman supported McGeary throughout the process.
The Bradford is a 23-unit mixed-use property located at 125 Atwells Avenue in the Federal Hill neighborhood and sold for $5,650,000. The building consists of 22 apartment units and a single retail tenant with off-street parking located in the rear of the building. There are (3) three-studio, (17) one-bedroom, & (2) two-bedroom units populating the building. In addition to off-street parking, The Bradford features tenant-paid utilities, on-site laundry, stainless appliances, granite countertops, elevator, select units with balconies, access control, and security cameras. A turnkey investment, this property recently underwent renovations including: a new roof, windows, siding, & building systems. These renovations were completed in 2019.
Nearby on 40 Jones Street, Jones Street Apartments sold for $2,750,000. Built in 2018, this 12-unit multifamily property is also located in the Federal Hill neighborhood and features tenant-paid utilities, 15 off-street parking spaces, and is a turnkey investment as well. Additionally, it boasts in-unit laundry and modern interior furnishing similar to The Bradford. Jones Street Apartments provides an investor the unique opportunity to purchase a new construction building with the ability to raise rents to market values in a coveted neighborhood in Providence.
“The Bradford and Jones Street Apartments were highly sought after by numerous investors due to the condition, quality, and location. Due to these factors, we were able to run a competitive process achieving top pricing in The Federal Hill Neighborhood. We believe this speaks to the high demand of new and renovated housing amongst young professionals living in a city with proximity to restaurants, shopping, and public transportation.” – Tim McGeary, Senior Associate.
In the past two years, Tim has closed an average of over $40 Million in sales and greater than $160 Million in total. While specializing in multifamily apartment buildings, Tim has helped numerous clients strategize the sale of their retail, office & mixed-use buildings throughout Greater Boston and Rhode Island.
Northeast Private Client Group® specializes in mid-market 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.