NHP Foundation Acquires Multifamily Property On Cheney Street In Boston For $56.2M
SOLD
$56,200,000
Massachusetts
See Similar DealsMultiFamily11,730 SF
Sold 11/16/2020
SOLD
NHP Foundation Acquires Multifamily Property On Cheney Street In Boston For $56.2M
68 Cheney Street, Boston, MA, USA
See Similar DealsMultiFamily11,730 SF
Sold 11/16/2020
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$4,791
Total Square Footage:11,730 SF
Transaction Type:Sale
Located at 68 Cheney Street in Boston, MA, this multifamily property has recently been sold. The sale was finalized on November 16, 2020, and the transaction was valued at $56,200,000. The property consists of 217 units, resulting in a price per unit of $258,986.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $56,200,000
- Date: 11/16/2020
- Address: 68 Cheney Street
- Market: Boston, MA
- Buyer: NHP Foundation – Mecky Adnani
- Units: 217
- Price Per Unit: $258,986
The buyer of the property is the NHP Foundation, represented by Mecky Adnani. They successfully acquired this multifamily asset, further expanding their real estate portfolio. This transaction marks a significant investment opportunity in the Boston market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,997,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$199,666.74
Cash-on-Cash Return-1.27%
Monthly Debt Service$266,416.67
Annual Debt Service$3,197,000.06
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