“Unveiling a Rare Gem: Multi-Family Portfolio in an Opportunity Zone Sparks Nostalgia and Innovation”
April 16, 2024 at 3:33 PM | UW Realty Company – Team
In the realm of real estate, a truly unique opportunity has emerged—an exceptional multi-family portfolio nestled in an Opportunity Zone, weaving together the historical charm of Fall River, MA, and the vibrant dynamism of Boston, MA. Senior Managing Director of Multi-Family Sales, Unee Washington, is at the forefront, presenting a deal that transcends the traditional boundaries of property transactions.
Ms. Washington’s personal connection to Fall River adds an intriguing layer to this real estate narrative. Childhood memories, anchored in Battleship Cove, city hall civic events, and the delightful flavors of Portuguese fresh rolls, make this portfolio not just a transaction but a journey back to the heart. A journey that echoes the sentiments of countless Bostonians who have found solace and connection in the rich tapestry of Fall River’s cultural vibrancy.
Historic Charm, Modern Appeal: With a population of 94,763 and a rich pre-World War II architectural heritage, Fall River stands as the tenth largest community in Massachusetts. Its blend of historic charm and strategic location positions it as an emerging hub for commerce and industry, appealing to businesses seeking connectivity and investors eyeing a piece of its burgeoning real estate market.
Tetrault Real Estate, has teamed up with UW Realty Company to facilitate the sale of 69 multifamily apartment buildings, totaling 459 units for a substantial $91.8 million.
This rare gem, strategically positioned in an Opportunity Zone, not only reflects on the past but envisions a future where Bostonians can overcome any obstacles when they return to their hearts. The portfolio becomes a symbol of resilience, a testament to our fearless spirit as we navigate challenges and thrive together.
As we stand on the precipice of a new vision for our state’s retrofit, Ms. Washington envisions economic summits that unite the private sector, government, lenders, community leaders, and real estate entrepreneurs. A collaborative effort that drives innovation, shaping a revitalized landscape for our vital hub of innovation.
Economic Catalysts at Play: Amazon’s presence, boasting a 1.7 million square foot fulfillment center, and the imminent South Coast rail project underscore Fall River’s economic momentum. Combined with the city’s commitment to revitalization, Fall River emerges as a beacon of opportunity for thought leaders and investors alike. It positions itself as the next innovation hub, challenging the success of Raleigh-Durham as an extension to Boston, MA.
STRONG VALUE-ADD PLAY
Maximize Your Investment: Discover a value-add opportunity within our portfolio, offering an additional +/-16% upside in rents. By implementing solar energy as a common utility and optimizing the RUBS bill-back percentage, there’s tremendous potential for increased rental income and robust property appreciation. Seize the chance to elevate your returns in the heart of Fall River, MA.
Prime Location, Worry-Free Asset: Our portfolio boasts a terrific tenant mix, presenting worry-free assets strategically located in the heart of Fall River. Limited inventory of this quality makes this a rare opportunity to secure a solid, performing property aligned with the city’s growth trajectory.
Strategic Growth and Demand: Projected job growth of 34.1% over the next decade, surpassing the national average, coupled with a current median household income of $56,188, foresees a 16.81% growth with the South Coast Rail connection to Boston. This paves the way for an impressive climb in population, exceeding 100,000, and an average household income projection rising to $93,700 in the near future. We anticipated a remarkable 78% rental income growth in Fall River 2022-2024 and saw it come to fruition.
Economic Dynamics: With over 50% of households opting for rentals, Fall River stands as a vibrant real estate destination, offering a robust market for investment. The city’s historical significance as a textile manufacturing hub and a South Coast transportation nexus contributes to a diverse cultural tapestry, setting the stage for a unique economic resurgence.
Academic Excellence and Innovation: Fall River aligns with Boston’s academic prowess, with MIT, Harvard University, Boston College, and Babson contributing to its talent pool. This enhances the city’s appeal for bio-tech and life sciences industries. Abundant land and a favorable business climate further solidify Fall River as a destination for major players in these fields.
A Phoenix Rising in Real Estate: Don’t miss out on being part of the next era in the real estate industry. UW Realty Company offers you a unique investment opportunity tailored for a successful buy-and-hold strategy. Witness your investment soar as we capitalize on the upward momentum of Fall River’s real estate landscape. Join us in reshaping the future, where Bostonians overcome obstacles by returning to their hearts, thriving together, and finding solutions to retain our vital hub of innovation.
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