Worcester, Mass. Apartment Building Sells for $2.3 M

NEWTON, MASS., Oct 27, 2017 – Investment sales broker Northeast Private Client Group, with offices in Massachusetts, New York and Connecticut, has announced the sale of the 47-unit Longfellow Manor Apartments located at 1002-1008 Main Street in Worcester, Mass. Taylor Perun, senior associate in the firm’s Massachusetts office, and Timothy McGeary, licensed associate with the firm, represented the seller and procured the buyer in the $2,320,000 transaction, which closed on October 20th.

“We have a proven track record of matching our mid-market clients with qualified buyers for commercial and multifamily properties,” said Perun. “In this instance we worked exclusively for the owners of the property to manage a highly competitive process and identity the successful buyer for the asset.”

Longfellow Manor Apartments is a value-add investment opportunity comprising 39 one-bedroom units and eight two-bedroom units in a strategic position adjacent to Clark University and is on Worcester’s public transportation bus route.

The seller is a Trust based in Framingham, Mass. The buyer, Emerald Empire Inc, purchased the property for a price that equates to approximately $49,000 per unit, and a capitalization rate of 8.8 percent on current net operating income. The buyer intends to make major capital improvements to the property.

“Our team has a deep understanding of investment real estate with local expertise in regional submarkets from Boston to New York,” explained Edward Jordan, JD, CCIM, managing director of Northeast Private Client Group. “Our specialized knowledge and relationship-based approach provide unmatched results for our clients.”

About Northeast Private Client Group

Northeast Private Client Group is the leading mid-market investment sales firm in the region, and was recently named to the Inc5000 list of America’s fastest-growing private companies. With offices in New York, Connecticut and Massachusetts, the firm actively supports private investors looking to buy, sell or exchange mid-market properties including mixed-use, multifamily, retail and office assets. Northeast Private Client Group’s highly disciplined process is just one of the many reasons the firm has earned CoStar’s Power Broker designation year after year. To learn more, visit: www.northeastpcg.com.