Gilbert Winn Of WinnCompanies Acquires 112-Unit Multifamily Property In Newton Massachusetts For $38M

The property involved in this transaction is a multifamily asset located at 131 North Street in Newton, MA. The deal was finalized for a total sale price of $38,000,000, which translates to a price per unit of $339,286 for the 112 units in the property.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $38,000,000
• Units: 112
• Price Per Unit: $339,286
• Buyer: Gilbert Winn - WinnCompanies
• Seller: Michael Olson - Rhino Capital Advisors

WinnDevelopment aims to transform the Newton Gardens property into affordable and workforce housing, implementing new long-term rent restrictions in the development plans. This initiative highlights the commitment to addressing housing needs in the local market.