Wareham, MA – Newman Properties’ affiliate South Shore Apartments, LLC has purchased a portfolio of 7 buildings in Onset & Wareham, MA. The total price for the package was $8,282,000. Financing was done through Norwood Bank.
The portfolio consists of a total of 70 units, of the 70 units 58 are apartments that consist of a mix of studios, 1-bedrooms, 2-bedrooms, and one three-bedroom apartment. The other 12 units consist of commercial and office suites.
Matthew Newman, Principal, and CEO of Newman Properties explains why the company decided to purchase the large portfolio: “We have been shifting our attention to property acquisitions on the South Shore the past 2-3 years, looking for opportunities to buy and add value to multi-family and mixed use properties”.
Onset is a historic Victorian waterfront community in the Town of Wareham, Massachusetts on the shores of Buzzards Bay. Built in the 1800s as a self-sufficient resort community, most of the original storefronts and cottages remain, allowing it to retain the Victorian charm of the era. Its location on Buzzards Bay offers pristine beaches, excellent kayaking, biking, fishing, and boating opportunities, and beautiful vistas. Only 45 miles from Boston and Providence, it’s an easy drive that bypasses the heavy traffic associated with crossing the Sagamore and Bourne Bridges. For visitors who also want to visit the sites on the Cape Cod, it’s only 2 miles from the Cape Cod Canal, and its lovely bike trails.
With a distinguished portfolio of residential and commercial properties, Newman Properties and its affiliates, own and manage over 500 residential units as well as numerous office and retail properties. The company has bought and sold over $500 million worth of property in the areas surrounding Boston, the South Shore, and North Shore! Currently, the company has projects in the pipeline that include condo conversions, renovation, and add-value projects, as well as buy and hold projects. Additionally, the company is overseeing multiple developments, including ground-up construction projects, and is seeking new acquisitions.