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Investor pays $4M for 30-unit Lynn apartment complex

Four triple deckers on Western Avenue were purchased by an investor for $4 million. (Photo courtesy of LoopNet)

In another sign that Lynn’s real estate market is hot, hot, hot, an investor paid $4 million for a 30-unit apartment complex on Western Avenue, according to the Southern Essex District Registry of Deeds.

Jask Western LLC, an entity owned by Joseph Donato of Topsfield, closed the deal on Friday for 653-661 Western Ave.

The sale includes a 14- and 15-unit apartment building, and a barber shop. Horvath & Tremblay, a Lynnfield real estate brokerage, procured the buyer and seller.  

The apartments last traded hands in 2011 when Stanley Bailey LLC, a real estate company managed by Louis J. DiFronzo, Franz Eberth, and Carl Eberth, bought the property for $1.6 million.

Built in 1900, the buildings are assessed at $2.7 million, according to Patriot Properties.

Jhonny Guananga, a broker at Carlton’s Wharf & Co. in East Boston which sells commercial properties on the North Shore, said investors priced out of markets closer to Boston have discovered Lynn.  

“Many of these buyers are big investors and they’re speculating that maybe Lynn will experience the benefit of an expanded Blue Line the way Somerville saw property values rise with the Green Line expansion,” he said. “Investors are increasingly looking at emerging markets like Lynn.”

Donato did not return a call seeking comment.

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