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Properties

The Summit
THE SUMMIT
SOMERVILLE, MA


 
Description

Investment Date: November 1991

Investment Cost: $1.2 Million

Improvement Cost: $0.6 Million

Sale Price: $2.1 Million

Sale Date: November 1996

IRR: 5.4%
The Summit is a 25 unit, seven story apartment building located in Somerville, Massachusetts, approximately five miles from Boston.

Strategy

The property was renovated and professionally managed to increase net income. Additional income was generated by leasing roof space to telecommunications tenants for antenna use. This resulted in increased value and the property was sold in 1996.

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Charter Capital Management, Inc.