Mayo Group and Associates Pick up Five Apartment Complexes for $13M

"We signed multiple P&S's with one seller [MIBO Investments, an affiliate of HST], and after re-evaluating the deal we decided to focus on one asset and disburse the rest," Taran T. Grigsby of the Mayo Group tells GlobeSt.com. "Victory Road was the most interesting to us, and we decided to spin the others to people we knew who could perform."

Peter N. Menounos of Sperry Van Ness' local office represented both the buyers and the sellers. Victory Rd. LLC sold a 50-unit property located at 5-15 Victory Rd. to Mayo for $5 million. The apartment complex, built in the 1950's, is located near Routes 93 and 3 and is 95% leased. The property consists of 20 one-bedroom units and 30 two-bedroom units, with monthly rents ranging from $750 to $1,200.

Synergy Development LLC picked up two properties from MIBO for $5.2 million: the two-building, 32-unit Lafayette Apartments in Chelsea and a 12-unit property located in Quincy. Lafayette Apartments is 75% leased and include two studios, 14 one-bedroom units and 16 two-bedroom units with rents ranging from $850 to $1,400. The Quincy property is 98% leased and has rents ranging from $825 to $1,100.

MIBO and an affiliate, Harbor St. LLC, also sold two properties to Hearn Group Realty for $3.2 million. Hearn acquired the 16-unit Crescent Apartments in Chelsea and another 16-unit property located at 39-41 Harbor St. in Salem. Crescent consists of 15 two-bedroom units and a single one-bedroom unit and is 95% leased, with rents ranging from $900 to $1,500. The Salem property is 90% leased and also has a 15 two-bedroom units and a single one-bedroom with rents ranging from $950 to $1,400.