Dan McGee, a financial analyst with NAI Hunneman Commercial's Boston office, tells GlobeSt.com that the 853 Washington St. complex drew multiple offers during more than a month on the market but it was a high bid from buyer, Norwood South LLC, that sealed the deal. "It's a market they liked," says McGee, noting that the buyer owns several other apartment complexes in the Norwood area.
"This is a remarkable transaction when you consider that the average rent per unit is about 10 to 15% below market," says Carl Christie, vice president and principal of NAI Hunneman Commercial, who represented the seller, Eysie Family Trust, and procured the buyer in the transaction. "This transaction is a good indication that investors remain active in the market, in spite of the current rental conditions." McGee says the new owners plan to retain the property as an apartment complex.
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