Serone Asset Management Acquires Multifamily Property On Westland Avenue, Boston For $24M
SOLD
$24,000,000
Massachusetts
See Similar DealsMultiFamily28,085 SF
Sold 03/27/2020
SOLD
Serone Asset Management Acquires Multifamily Property On Westland Avenue, Boston For $24M
16-20 Westland Avenue, Boston, MA, USA
See Similar DealsMultiFamily28,085 SF
Sold 03/27/2020
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$854
Total Square Footage:28,085 SF
Transaction Type:Sale
The multifamily property located at 16-20 Westland Avenue in Boston, MA has been sold for a total price of $24,000,000. The transaction took place on March 27, 2020.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $24,000,000
- Units: 55
- Price Per Unit: $436,364
The seller of the property was Coppola Management, while Serone Asset Management acted as the buyer. The deal was facilitated by Kevin Benzinger, Jason Weissman, Andrew Herald, and Nick Herz of Boston Realty Advisors.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,279,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93
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