Abington, MA – Coleross James LLC, an entity of Newman Properties, purchased a multi-unit residential property at 120 North Avenue. The purchase was part of a 1031 tax-free exchange. Financing for the $1.25 million dollar investment was provided by Winchester Savings Bank via a 7-year fixed rate mortgage.
Newman Properties, a real-estate investment and management firm located in Brookline MA, coordinated the investment with listing brokers Evan Griffith and Tony Pepdjonovic of Marcus & Millichap.
“We are shifting our attention to property acquisitions on the South Shore with opportunities to buy, add value, and rent” explains Matthew Newman, principal and owner of Newman Properties on why the company decided to purchase the property.
The residential property has 10 apartments consisting of one-bedroom and two-bedroom units. There is also a large, off-street parking lot, which provides ample parking for tenants. The property is within two miles of highly-rated public schools, including: Beaver Brook Elementary School, Woodsdale Elementary School, Abington Middle School and Abington High School. It is also easily accessible to the commuter rail and just a 30 minute train ride to South Station.
With a distinguished portfolio of residential and commercial properties, Newman Properties owns and manages over 500 residential units as well as numerous office and retail properties. The company has bought and sold over $250 million dollars worth of property in the areas surrounding Boston and Massachusetts’ South Shore. Currently the company has projects in the pipeline that include condo conversions, renovation and add-value projects, as well as buy and hold projects. In addition, the company is currently overseeing multiple developments, including ground-up construction projects, and is seeking new acquisitions.