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Townhouse-Style Apartments Sold For $6.6M

Sep 23, 2019 | Reprints | Unlock Link | Print

The 40-year owner of a 32-unit townhouse-style apartment complex in Easton has sold the property to a Boston-based investor for $6.6 million.

335-397 Foundry St. LLC acquired the Heritage Glen complex, which contains 16 two-unit buildings.

Northeast Private Client Group’s Drew Kirkland and Francis Saenz represented the seller, Easton-based Heritage Glen LLC, and procured the buyer.

The sales price equates to $207,000 per unit with a 6.7 percent cap rate.

The property has been owner-managed by the same entity for the past 40 years, requiring a buyer committed to making significant capital improvements, Northeast Private Client Group said in a press release.

“Whereas the local buyer pool could not see beyond the deferred maintenance, as evidenced on the property, we successfully imported capital from Boston-based investors looking for value-add opportunities in secondary markets,” Kirkland said in a statement.

B&T Daily