United Multi Family brokered the sale of the Mariner Realty portfolio for $7,700,000. The 42 Unit portfolio consisted of two well-maintained brick garden style complexes on the South Shore.
The Colonial Apartments, a 24-unit apartment building at 670 Bedford Street in Abington, MA, sold for $3,700,000 ($154,166 per unit) and a 5.60% Cap Rate.
The second building in the portfolio was an 18-unit apartment building at 46 Cleverly Court in Quincy, MA which sold for $4,000,000 ($222,222 per unit) and a 4.58% Cap Rate.
Handled by Rich Cawley, Kurt Cawley, Kyle Gossett and Jim Barry of UMF, the Mariner Realty portfolio was well received by investors and represents the demand for value-add opportunities in the Greater Boston multifamily market.