Viceroy Capital Management Acquires Multifamily Property in Gloucester, MA for $4.8 Million

Viceroy Capital Management purchases a 30,971 square foot multifamily property in Gloucester, MA for $4.8 million.

By on Apr 25, 2023
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Viceroy Capital Management Acquires Multifamily Property in Gloucester, MA for $4.8 Million

In a recent transaction in the commercial real estate market, Viceroy Capital Management has acquired a multifamily property in Gloucester, MA for a total sale price of $4.8 million. The property, located at 31 Western Avenue, spans a total area of 30,971 square feet and is classified as a multifamily asset.

The multifamily property comprises a total of 22 units, with an average price per unit of $218,182. This indicates a strong market demand for residential properties in the area, as the price per unit is relatively high. The property is well-maintained and offers attractive amenities, making it an appealing investment opportunity for Viceroy Capital Management.

The buyer, Viceroy Capital Management, is a prominent investment management firm known for its expertise in real estate investments. With this acquisition, the firm expands its portfolio in the multifamily sector and further strengthens its presence in the Gloucester market.

The seller of the property has not been disclosed, but it is evident that the transaction was a successful one for both parties involved. The sale price of $4.8 million reflects the value and potential of the property, and the buyer’s willingness to invest in the Gloucester market.

Brian DApice of The Mega Group played a crucial role in facilitating the deal as the buyer’s broker. Known for his extensive knowledge of the local market and strong negotiation skills, DApice ensured that Viceroy Capital Management secured the property at a favorable price. The Mega Group, a reputable brokerage firm, has established itself as a trusted partner for clients seeking commercial real estate opportunities in the Boston area.

The transaction has generated significant interest in the market, with industry professionals and investors closely monitoring the deal. The acquisition of the multifamily property by Viceroy Capital Management highlights the attractiveness of the Gloucester market and the potential for strong returns on investment in the multifamily sector.

Overall, the sale of the multifamily property in Gloucester, MA for $4.8 million demonstrates the continued strength of the commercial real estate market in the area. With Viceroy Capital Management’s acquisition, the property is expected to thrive under new ownership, benefiting both the buyer and the local community. As the market evolves, it will be interesting to see how this deal impacts future transactions and the overall growth of the Gloucester commercial real estate sector.