Updated Dec 20, 2024
Osso Capital Purchases Canal District Lofts From Berkeley Investments For $122 Million
240 Canal Street, 242 Canal Street & 270 Canal Street
$122,000,000
Units
240
Asset Type
MultiFamily
Closing
Nov 4, 2024
About this deal
AI
The asset involved in this transaction consists of a multifamily property located at 240, 242 & 270 Canal Street in Lawrence, MA. The sale price for this property was $122,000,000, and it comprises 240 units. This translates to a per-unit price of $280,000. The property is notable for its conversion of historic mill buildings into residential apartments.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $122,000,000
- Units: 240
- Price Per Unit: $280,000
- Buyer: Olivia John - Osso Capital
- Seller: Young Park - Berkeley Investments
Berkeley Investments sold the Canal District Lofts to Osso Capital, which includes 180 apartments created from the historic mill buildings. This sale is part of a previous acquisition made by Berkeley in 2021, valued at $98.5 million, covering five buildings.
On the Map
$122,000,000
MultiFamily
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Players
Lawrence MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93