The property was intended as condominiums, but there is also an opportunity to operate the property as rentals.
Development rights for a Class A ground up 33 unit building located in the affluent Boston suburb of Sharon, MA, overlooking the 17th fairway of the neighboring country club. The Community has sold out Phase I (first 33 units) in early 2020. The Asset presents an opportunity to step into a project in the highly desirable suburban Boston location with a Class-A asset at an attractive valuation for phase 2, the remaining 33 units. For total original 66 unit deal with phase 1/2 it was: 8 affordable units in building 1 & 9 affordable units in building 2.
Sharon Median Income is $158,000 for 2021
*Average HH income is $174,600 for 2021*
Median Home Value is $623,700 for 2021
Multiple high-end shopping centers nearby
The first 25 market rate units were sold at an average sale price of $505,000 + - . The market demand remains strong despite serious interest rate volatility…over 200bps bumps in past 90 days…and another 50bps hike around the corner. Target pricing for market in todays market would be $600,000 +/-.
Location Overview
Situated between Providence and Boston this class A ground up 66 unit community is located in the affluent Boston suburb of Sharon, MA, overlooking the 17th fairway of the neighboring country club. The Community has sold out Phase I (first 33 units) in early 2020. The Asset presents an opportunity to step into a project in the highly desirable suburban Boston location with a Class-A asset at an attractive valuation for phase 2, the remaining 33 units. For total original 66 unit deal with phase 1/2 it was: 8 affordable units in building 1 9 affordable units in building 2. Located in a quiet knoll with beautiful views just minutes away from shopping, highways, dining and world-class health care and medical facilities.
Highlights
The first 25 market rate units were sold at an average sale price of $505,000 + - . The market demand remains strong despite serious interest rate volatility…over 200bps bumps in past 90 days…and another 50-100bps hike around the corner. Target pricing for market in todays market would be around $600,000 +/-.
