NBM Equities Pays $22M for Boston-Area Asset

The transaction involved a $16.8 million Fannie Mae loan.

Legacy Place Apartments

Legacy Park Apartments. Image courtesy of Yardi Matrix

NBM Equities has acquired Legacy Park Apartments, a 104-unit multifamily community in Lawrence, Mass., for $21.5 million. The transaction involved a $16.8 million Fannie Mae loan with a 5.46 percent fixed rate, originated by Greystar Servicing Corp., according to Yardi Matrix.

The previous, a private individual, had purchased the property in 2013 for $12.5 million, the same data provider shows. Marcus & Millichap arranged the deal on behalf of the seller and procured the buyer.

Completed in 2009 on a 3.3-acre site, the community comprises five buildings with one-, two- and three-bedroom floorplans which range from 690 to 1,400 square feet. Apartments feature walk-in closets and individually controlled heat and air conditioning. Common-area amenities include laundry facilities and elevators, along with 190 parking spaces.

Located at 112 Marston St., the property is off Interstate 495 and roughly 30 miles north of Boston, as well as some 2 miles from central Lawrence. The community is close to the Lawrence General Hospital and to numerous retail and dining options along Canal Street. Lawrence Municipal Airport is less than 3 miles away.

Marcus & Millichap First Vice Presidents Seth Richard and Matthew Pierce, along with Senior Vice President Laurie Drinkwater, facilitated the transaction.

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