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.