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Harbor Group International Sells Boston Suburban Portfolio For $460M
SOLD
$460,000,000
Massachusetts
See Similar DealsMultiFamily
Sold 08/09/2023
SOLD
Harbor Group International Sells Boston Suburban Portfolio For $460M
738 Plain St Marshfield, MA 02050, USA
See Similar DealsMultiFamily
Sold 08/09/2023
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale
A portfolio of six multifamily properties in the Boston suburbs has been sold by Harbor Group International (HGI) for a total of $460 million. The properties, located at 738 Plain St, 45 Wheeler Circle, 39 Briarwood Lane, 141 Broadmeadow Street, 158 Concord Road, and 100 Arbor Drive, consist of over 1,700 units. The sale price amounts to an average of $270,588 per unit.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $460,000,000
- Units: 1,700
- Price per Unit: $270,588
HGI, under the representation of Jordan E. Slone, closed the deal on the six-property portfolio in the suburbs of Marshfield, Stoughton, Marlborough, Billerica, and Shrewsbury, MA. The sale of these properties marks a significant transaction in the Boston area's real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$24,533,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,634,282.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,180,634.68
Annual Debt Service$26,167,616.17
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