LYNN, MA–Zanzibar Capital has completed the purchase of a 56-Unit Portfolio consisting of 55 residential and one commercial unit for $10.07 million.
Stephen Girolamo of Horvath & Tremblay represented both the buyer and the seller on the deal. The properties are located at 653-655 Western Ave and 24-30 Franklin St in Lynn, MA.
“Our latest acquisition in Lynn provides us greater scale and efficiency for our multifamily investments in the North Shore,” said Eric Doroski, Managing Partner and Co-Founder of Zanzibar Capital. “These properties have a highly desirable unit mix. We will be implementing a capital upgrade and utility efficiency plan, which will allow us to realize the full potential of this acquisition.”
Zanzibar Capital, founded in 2018 by Nitzan Mokady and Eric Doroski, owns and actively invests in multifamily and mixed-use holdings in the Greater Boston Area. Using a heavily quantitative approach, Zanzibar identifies value-add opportunities in both market-rate and low-income subsidized projects.
Horvath and Tremblay is an Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement.