Rosewood Realty Group president Aaron Jungreis closed an off-market multifamily sale, starting 2012 on a good note. Jungreis sold 883 Franklin Ave., a four-story walk-up apartment building built in 1925 that consists of 31 apartments.
The 22,400 s/f building sold for $2.313 million and represented 7.7 times the rent roll.
Jungreis represented both the buyer, Fortress FS LLC and the seller, 883 Franklin LLC.
"Franklin Ave. is a rapidly gentrifying and up-and-coming location," he said. "There is tremendous upside in the rental market on this building due to the low average rents." Tags: