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 GlobeSt.com 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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.