NEWTON– Northeast Private Client Group announced the sale of the South Broadway Apartments in Lawrence, MA.
Senior Associate Brad Carlson represented the seller and procured the buyers for the multifamily transaction. South Broadway Apartments 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,” said Brad Carlson, Senior Associate at Northeast Private Client Group.