NAI Hunneman’s Capital Markets Group Brokers $7.0 Million Multifamily Portfolio Sale
Christie & McGee Represent Seller & Procure buyer in Sale of 67-units in Lowell’s Belvidere Neighborhood
BOSTON—NAI Hunneman, a leading provider of commercial real estate services, recently brokered the $7,050,000 Million sale of a 67-unit multifamily portfolio located 330 Nesmith Street, and 61-83 Park Avenue West in the Belvidere neighborhood of Lowell.
Executive Vice President Carl Christie, assisted by Assistant Vice President Dan McGee represented the seller Nesmith Park LLC and procured the buyer 330 Lowell, LLC.
“This offering drew tremendous interest from local and regional apartment investors” said Christie. “The location was desirable and when you combine that with a sizeable garden-style portfolio you get a good reaction from the market. We were able to facilitate dozens of tours and multiple offers.”
The portfolio included a 24-unit brick building at 330 Nesmith Street and a 43-unit brick apartment complex at 61-83 Park Avenue West. The two properties are located approximately ½ mile (3 minute drive) from one another. 330 Nesmith Street is located on a high visibility street. 61-83 Park Avenue West abuts Fort Hill Park and benefits greatly from its natural beauty. The occupancy is at the time of the sale was 98% (1 vacancy) and the buildings have a strong stable cash flow. Both properties are close to a wealth of area amenities and local highways with connections to I-495, via Route 38, within 5 minutes (1.2 miles). The Lowell Connector with access to Route 3 is also roughly 5 minutes (1.1 miles) away.
About NAI Hunneman:
Headquartered in Boston, NAI Hunneman is a leading provider of commercial real estate services to corporations, institutions and the private market. NAI Hunneman is a member NAI Global, the premier network of independent commercial real estate firms and one of the largest commercial real estate service providers worldwide. NAI Global manages a network of 6,700 professionals and 375 offices throughout the world. NAI professionals work together with its global management team to help clients strategically optimize their real estate assets. To learn more about NAI Hunneman and the NAI Global Network please visit www.naihunneman.com