Thompson EstateThe Thompson Estates apartment complex in Randolph has been sold for $3 million by Newman Properties of Brookline.

The 24-unit property is located at 14 Thompson Drive. Edward Jordan, managing director of Northeast Private Client Group of Framingham, represented Newman Properties and the Quincy-based buyer in the March 14 transaction.

Built in 1981, the three-story apartment building contains 24 two-bedroom units on a 1.3-acre parcel.

The sales price equates to $125,000 per unit, representing a gross rent multiplier of 7.9 and a capitalization rate of 8.7 percent on current net operating income. The transaction was contingent on the buyer’s assumption of the existing Fannie Mae mortgage.

Randolph Apartment Complex Sells For $3M

by Banker & Tradesman time to read: <1 min
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