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38-Unit Apartment Complex Sold for $5.2M

Feb 13, 2018 | Reprints | Unlock Link

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A two-building apartment complex in Winthrop has been acquired for $5.2 million.

Somerville-based RCG Oceanview LLC has acquired 87 and 90 Winthrop Shore Drive. The 38-unit complex has ocean views and access to public transportation via two MBTA bus lines, the Orient Heights station on the MBTA’s Blue Line and water shuttles to Rowes Wharf in Boston.

NAI Hunneman Executive Vice President Robert Tito and Assistant Vice President Gina Barroso represented seller Winthrop Shore Drive LLC and procured the buyer.

“87 & 90 Winthrop Shore Drive was a true opportunistic investment, with enormous potential through apartment upgrades and market rent growth. In addition, the beachfront location and recent state investment into Winthrop Shore Drive created additional value and is key to tenant retention,” Tito said in a statement. “Ownership had done a very good job maintaining and managing the property, with pride of ownership evident in the condition of the complexes.”

B&T Daily