"It didn't even make it to the market," Carl L. Christie, with NAI Hunneman's Boston office, tells GlobeSt.com. "We knew the buyer, called them and put together the deal." Christie, who handled the 6-10 Surfside Road property for seller Lynn Shore LLC. Christie and Robert A. Tito, both executive vice presidents and principals of NAI Hunneman, also secured the buyer.
The apartment complex, which rents for a monthly average of $916 per unit, generates about $748,000 in annual rental income, Christie says. It had net operating revenues of $560,000, representing an 8% capitalization rate.
Christie says the buyer opted for the property, not only because of its good cash flow figures, but because of its prime oceanside location and its well maintained units. The buyer, who owns about 300 other apartment units in Boston and along the North Shore, plans to keep the complex as a long-term hold and does not plan to convert the units into condominiums, he says.
The sale was the second big buy along Lynn's waterfront this year. In March, five other Surfside Road properties totaling 70 units were sold for $7 million to Waterford Northshore LLC, a partner-company of Hearn Properties a Boston-based real estate firm.
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