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ARLINGTON, MA-Locally based Arlington Minuteman Towers, LLC is picking up a 90-unit multifamily portfolio–known at Arlington 90–here for $12 million. The portfolio consists of two single-family homes, one two-family home, which total four units, as well as three apartment buildings comprising the 86 additional units. NAI Hunneman brokered the deal, procuring the buyer and representing the seller, ADA Properties, Inc. The original asking price, according to NAI Hunneman’s website was $14 million.

“Even with a slowdown in the national housing market, the Arlington portfolio attracted more than expected bids and interest from potential buyers,” EVP Carl Christie of NAI Hunneman says in a statement. “We were able to get the right price for the property.”

For the purchase, Arlington Minuteman Towers secured a $9.35-million loan from an undisclosed local lender. The loan proceeds were broken up into two traunches of $1.25 million–secured by the three houses–and $8.1 million, secured by the three apartment buildings. The debt on the homes was provided at a 6.25% fixed rate over five years at an 80% loan-to value with the three apartment buildings’ loan was taken at 5.79% fixed for 10 years and debt service calculated on a 30 year amortization. The financing was secured for Arlington by Cornerstone Realty Consultants.

“By achieving these low rates we were able to exceed our client’s expectations on loan proceeds and assist [Arlington Minuteman] in closing on this rare opportunity to acquire these sought after assets in Arlington,” says Paul Natalizio of Cornerstone, in a statement.

Arlington Minuteman has said they were looking to acquire multifamily property in this area and the 98% occupied portfolio is a solid get in the current turbulent market, as many multifamily units across the country are desperately trying to retain tenants. Meanwhile, Arlington 90 is “generating $1.2 million in gross income,” according to NAI Hunneman’s website.

The portfolio, broken down, consists of six studio, 66 single-bed, 16 two bedrooms and two three bedroom apartments and 72 parking spaces. The portfolio is comprised of 285 & 287 Massachusetts Ave.; 20 Tufts St.; 10 & 14 Bates St.; and 9 Foster St. Christie, Dan McGee and Gina Barroso from NAI Hunneman brokered the deal. The average rental rate is $1100. According to Christie the housing component of the property was added over the years to accrue for a possible future condo conversion and parking.

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