A senior apartment complex on the Massachusetts Cape sold for $11 million, brokered by Hunneman Commercial, a provider of commercial real estate services to corporations.
Le Nguyen, who was represented by Hunneman, snapped up the 111-unit apartment complex in Hyannis, Mass., currently used for senior housing. Peter Rand of United Properties in Bloomington, Minn., represented the seller, Sanders Ackerberg.
Located at 290 West Main St., Hyannis House is a three-story apartment complex with one-, two- and three-bedroom units and two studios. It offers an accessible location in Hyannis close to recreation, medical facilities and retail shopping.
Apartment amenities include dishwashers, large walk-in closets, balcony or patio with electric outlet and lighting, separate dining areas and kitchens with pantries and oak cabinetry. Common-area amenities include laundry facilities, controlled entrance with intercom system, party room, and an exercise room with sauna and showers.
“From an investment standpoint, this property can either be kept for a rental income or converted into condos. Its tenant demographic provides for a very stable rent roll and the new owner has an excellent opportunity to increase value by raising rents to the current market level,” said Carl Christie, executive vice president and principal of Hunneman.
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