PHOTO COURTESY OF NEEDHAMS LANDING LLC
The new 42-unit waterfront apartment building at 9 Needhams Landing Road has been sold to an out-of-town investor for $7.5 million.
By THOMAS GRILLO
LYNN — In one of the first and largest commercial real estate deals of the year, a 42-unit waterfront apartment building has been sold to an out-of-town investor for $7.5 million.
DTB Investments LLC, a New Hampshire-based company that owns, manages and develops real estate, recently closed on the purchase of 9 Needhams Landing Road.
The seller, Needhams Landing LLC, an entity of Procopio Enterprises Inc., in Saugus, completed construction on the 13,920-square-foot building last year. It is assessed at $5.9 million. The four-story wood frame project offers studio, one-, and two-bedroom units priced from $1,150 to $1,600, according to the property’s website.
“The market conditions were just right for the sale,” said Michael Procopio, co-owner of Procopio Enterprises.
A call to the attorney representing the buyer, DTB Investments, was not returned.
Located on Little River near an MBTA bus line, the commuter rail and Route 107, the luxury units offer granite counters, bamboo floors, stainless steel appliances, balconies and assigned parking. In addition, amenities include a riverfront patio, outdoor cooking facilities, onsite and in-unit laundries, storage and video security and more.
“Anytime anybody sees value in Lynn that’s a good thing,” said David Solimine Jr., whose family sold the 38,500-square-foot waterfront parcel in 2014 to the developer for $700,000. “As a Lynn guy who lives in Lynn, I like local investment but outside investment is also welcome.”
Carl Christie, a broker at Boston-based NAI Hunneman, said at nearly $180,000 per unit, this could be the highest price ever paid for a multi-family dwelling in recent memory.
“It’s a bellwether comparable, that’s for sure,” he said. “The last comp I saw was $150,000 per unit and that was for a 1970s-era brick building on the common. As far as new product is concerned, this is one of the first in a long time.”
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Thomas Grillo can be reached at [email protected].