East Boston Community Development Corporation Acquires Multifamily Portfolio In Greater East Boston For $47M
SOLD
$47,000,000
Massachusetts
See Similar DealsMultiFamily
Sold 10/11/2022
SOLD
East Boston Community Development Corporation Acquires Multifamily Portfolio In Greater East Boston For $47M
East Boston, Massachusetts, United States
See Similar DealsMultiFamily
Sold 10/11/2022
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale
The East Boston Community Development Corporation has acquired a multifamily portfolio in Greater East Boston. The property, consisting of 114 units, was sold by Grossman Companies and Hodara Real Estate Group. The sale was facilitated by the brokers Kellie Coveney, Jacqueline Meagher, Madeline Joyce, and James Burr from JLL. The transaction took place on 10/11/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $47,000,000
- Address: Multifamily Portfolio
- Market: Greater East Boston
The East Boston Community Development Corporation successfully closed the deal to acquire this multifamily portfolio. The brokers from JLL played a crucial role in facilitating the transaction between the buyer and sellers, Grossman Companies and Hodara Real Estate Group.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,506,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$166,981.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$222,803.98
Annual Debt Service$2,673,647.74
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