Newton, MA – Real Estate investment services firm Northeast Private Client Group announced the sale of the General Washington Apartments located at 625 Main Street in Reading, MA.
Francis Saenz and Drew Kirkland, senior associates for the firm, together, represented the seller and procured the buyer in the $7,325,000 transaction.
General Washington Apartments is a five-story, 39-unit brick apartment building constructed in the 1960s that is on a 0.72-acre lot in downtown Reading. The building features a diverse unit mix, separated electric, on-site laundry & approximately 45 parking spaces. Four miles from Interstate 95 & just half a mile from Reading MBTA Commuter Rail. This was a value-add investment through renovating the remaining units & bringing rents to market level. “With only being able to market this quietly off-market we were able to negotiate a contract & a timely closing. This is a highly sought-after generational asset that has withstood the test of time,” explained Francis.
The property closed at a price that equates to $187,820 per unit at a capitalization rate of 6.1% on current net operating income.
Francis Saenz and Drew Kirkland have risen through the ranks and now serve as Senior Associates of Northeast Private Client Group and co-leaders of the North Boston investment sales team in the firm’s Newton, MA office.
Together, Francis and Drew have closed an average of over $18 Million in sales annually and greater than $82 Million total. While specializing in apartment buildings, Francis has helped numerous clients strategize with retail, office & mixed-use buildings throughout Greater Boston. Drew specializes in multifamily portfolios, offices, shopping centers, and retail/mixed-use properties throughout Connecticut and Massachusetts.