NAI Hunneman Commercial represented both the buyer and theseller in the deal. Carl Christie, executive vicepresident/principal and Dan McGee, financial analyst of HunnemanCommercial, worked together on the transaction.
The building has immediate access to Route 1A. Christie saysthat the deal is an indication that the North Shore residentialmarket is "starting to come alive again." According to Tom Meagherof Northeast Apartment Advisors Inc., the most recent occupancyrate 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 areahas dropped nearly 4.5% in that time from $1,430 per month to$1,366 per month. "We see occupancy improve as rents decline," saysMeagher. "This is the story in general for the metropolitan Bostonarea."
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