Northeast Private Client Group Sells Multifamily Property in Dracut, MA for $7.3 Million

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NEWTON, MA – Real Estate investment services firm Northeast Private Client Group  announced the sale of Countryside Estates located at 60-66 School Street in Dracut, MA.

Drew Kirkland, senior associate for the firm, together with investment associate, Francis Saenz, represented the seller and procured the buyer in the $7,300,000 transaction.

Countryside Estates is a 48-unit brick property on 3.38 acres located less than a mile from UMass Lowell. The owner-managed property, with below market rents and little deferred maintenance, was well positioned for value-added investors.

“We leveraged our relationships with qualified investors to create strong competition for our seller, resulting in a successful transaction above asking price,” explained Saenz.

C&P Realty Trust, an Acton-based investor, sold the property to the Lowell-based Pine Properties, Inc. for a price that equates to $152,083 per unit, and a capitalization rate of 6.25% on current net operating income.