Candor Realty and Millennium Holding Group are pleased to announce the acquisition of Residences at Drum Hill, a 132-unit multifamily apartment community located on the Lowell/Chelmsford line in Massachusetts. This property consists of (3) residential buildings with a desirable mix of one and two-bedroom apartments. It’s a well-maintained property located minutes from major interstates with a long history of high occupancy and has been owned and operated by the same owner since it was built in 1980. The property was purchased for $20,000,000 and appraised a $21,500,000 "as-is". The team is excited to be starting with so much equity and is looking forward to updating the units and increasing value for the investors involved. Click this link to find out more about this project or to subscribe to be notified of any future opportunities https://millenniumhg.wordpress.com/
Candor Realty purchased 35 units over 13 properties in Fitchburg, Leominster, and Framingham as 1 large commercial package for $2,710,000 in September 2020. We had them appraised separately as individual residential properties, since only 1 of the buildings had 5 units and the rest were 4 apartments or less, which resulted in significant equity on day 1.
Candor Realty purchased 23 units over 8 properties in Leominster and Fitchburg as 1 large commercial package for $1,850,000 in March 2020 during the height of COVID. We had them appraised separately as individual residential properties, since they were all buildings with 4 apartments or less, which resulted in significant equity on day 1.
Candor Realty purchased 12 units (9 unit and 3 unit) and assisted a few clients with purchases of 3 other multi-family properties from the Lowell Housing Authority through a city wide, HUD approved, RFP process. The results were a very favorable experience for everyone involved including the housing authority, the purchasers, and the subsidized tenants that were inherited with the buildings. We are in the process of updating the buildings we purchased and helping our clients with updates in their buildings as well which has resulted in significant improvements in the surrounding neighborhood.
Candor Realty owns a few other multi-family properties in Fitchburg, Ayer, Connecticut, and New Hampshire, with partners. All of them are purchased with significant value-add opportunities which has been the target of our existing portfolio.