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Mark Morgan Of The Michaels Organization And Brendan Gove Of GoVenture Capital Group Acquire Development Site In Worcester For $10M

Property Image
SOLD
$10,000,000

Massachusetts

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Development Site
Sold 04/15/2025
the dealdetailscomps
Property Image
SOLD

Mark Morgan Of The Michaels Organization And Brendan Gove Of GoVenture Capital Group Acquire Development Site In Worcester For $10M

33 Arctic Street & 2 Keese Street

See Similar Deals
Development Site
Sold 04/15/2025
the dealdetailscomps

Summary

MASSACHUSETTS
Asset Type:Development Site
Transaction Type:Sale

The property asset involved in the transaction is a development site located at 33 Arctic Street & 2 Keese Street, Worcester, MA. The site was acquired for a sale price of $10,000,000. The buyer intends to develop a 364-unit apartment complex on the 12 parcels, currently housing existing industrial buildings and vacant lots.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $10,000,000
  • Buyers: Mark Morgan - The Michaels Organization & Brendan Gove - GoVenture Capital Group
  • Location: Worcester, MA
  • Asset Details: 12 parcels near Worcester's Union Station

The transaction involved Mark Morgan representing The Michaels Organization and Brendan Gove representing GoVenture Capital Group. These individuals played key roles in facilitating the purchase of the development site to enable future housing construction in the area.

Players

TO
The Michaels Organization
BUYER

Details

SOLD
IMAGE: Mark Morgan & Brendan Gove DATE: 04/15/2025 ADDRESS: 33 Arctic Street & 2 Keese Street MARKET: Worcester, MA ASSET TYPE: Development Site BUYER: Mark Morgan - The Michaels Organization & Brendan Gove - GoVenture Capital Group SALE PRICE: $10,000,000 NOTE: The Michaels Organization and GoVenture Capital Group acquired 12 parcels near Worcester's Union Station for ~$10M to develop a 364-unit apartment complex, replacing existing industrial buildings and vacant lots.

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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