Landings Pays $9M for Suburban Apartments

FRANKLIN, MA-An 89-unit apartment complex fashioned from a former mill has been sold to a Newport, RI-based multifamily investor. An affiliate of Landings Real Estate Group paid $8.6 million for the Union Square Apartments at 301 Union St.

“It offers some good upside for the buyer,” says Biria St. John of Cushman & Wakefield’s capital markets group in Boston, whose team negotiated the agreement on behalf of the seller, an affiliate of Dunphy Management Corp. of Quincy. That firm had owned Union Square Apartments since purchasing the asset for $7 million in 2003. C&W also procured the buyer in the latest transaction. An executive director whose specialty is multifamily sales, St. John handled the assignment along with executive director Simon Butler and associate Chris Sower.

Dunphy principal Colm Dunphy tells GlobeSt.com that the sale came about largely from a desire to concentrate his firm’s holdings closer to its base in Boston and Quincy. “The deal worked out well for us,” says Dunphy, citing a combination of the marketing effort and a resilient multifamily sector that remains one of the few bright spots in the difficult investment-sales climate.