HYANNIS, MA-One of the few available apartment communities here has been sold to a private investor in an $11-million deal. The transaction bought the new owner 111 units of Main Street real estate in a growing seaside community with a strong demand for both apartments and condominium conversions.Peter Rand, with United Properties in Bloomington, MN, who handled the transaction for seller Sanders Ackerberg, of Minneapolis, tells GlobeSt.com that the three-story Hyannis House Apartments drew a number of prospective buyers. However, it was an offer by Le Nguyen, a private investor, that took the keys to the 290 Main St multifamily offering. "It was a very popular property, especially with the limited number of apartment properties available for sale on Cape Cod," Rand says.
Carl L. Christie, with NAI Hunneman Commercial in Boston, who represented the buyer in the deal, says the sale was a significant acquisition, given the complex's location in one of the Cape's largest towns and its most popular tourist destination. "When you consider that it is one of only a few large-scale, multifamily communities in Hyannis, and that Cape Cod has many physical and political barriers to future development, this building is an irreplaceable asset," Christie says.
It is unclear what the seller plans to do with the property. Christie adds the property, which has some upside as an apartment community due the complex's below market rents, is suitable for condo conversion because of its location in a market where demand for condos is high.
The 111-unit seniors housing complex is comprised of a mix of studio, one-, two- and three-bedroom units, almost all of which are rented. Built in 1972 on 6.33-acres near Craigville Beach, it is located within close proximity to the area's medical facilities, recreation spots and retail shopping.
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