The Longfellow Manor apartments at 1002-1008 Main St. in Worcester has been acquired for $2.3 million.
The price equates to $49,000 per unit with a cap rate of 8.8 percent based upon current net operating income. The complex contains 39 one-bedroom and eight two-bedroom units next to Clark University.
The new owner, Emerald Empire Inc., plans major capital improvements, according to Northeast Private Client Group, which represented seller John F. Baer Jr. Irrevocable Trust of Framingham and procured the buyer, an affiliate of Worcester-based Longfellow Holdings. Taylor Perun, a senior associate in Northeast Private Client Group’s Newton office, and associate Timothy McGeary, brokered the “highly competitive” transaction, the firm said in a statement.