MEDFORD, MA-Risman Real Estate purchased a 24-unit apartment complex for $2 million. The firm acquired the property, located at 161-165-171 Salem St. and 6 Washington St., from Barrington Management.

NAI Hunneman Commercial represented both the buyer and the seller in the deal. Carl Christie, executive vice president/principal and Dan McGee, financial analyst of Hunneman Commercial, worked together on the transaction.

The building has immediate access to Route 1A. Christie says that the deal is an indication that the North Shore residential market is “starting to come alive again.” According to Tom Meagher of Northeast Apartment Advisors Inc., the most recent occupancy rate for the near North submarket, which includes Medford, is 94%, up from 92% last summer.

But Meagher tells that the average rent for the area has dropped nearly 4.5% in that time from $1,430 per month to $1,366 per month. “We see occupancy improve as rents decline,” says Meagher. “This is the story in general for the metropolitan Boston area.”

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