Insight

Successful Close of a Two-Property Portfolio on Union Street in Lynn, MA

January 22, 2024
Michael Kuritnik

Kumo Capital is excited to announce we have successfully closed on two mixed-use, retail and multi-family, buildings on Union Street in Lynn, MA. In total, the two properties comprise over 23,751 square feet with 14 residential units and 20 commercial spaces. The properties are a strong addition to our robust portfolio in New England.

We were able to secure this project at a favorable basis, reaffirming our understanding of the market and our ability to capitalize on opportunities when they present themselves. Since the purchase, property values in the area have appreciated significantly.

Additionally, our purchase of these properties in Lynn solidifies our belief in Lynn as an emerging market and an essential Gateway city for Boston. The properties are strategically located in close proximity to the new temporary commuter rail stop, situated at our 182-unit development, the Onyx.

Kumo intends to maximize the value derived from this investment through key renovations to the buildings, adjusting leases to market rates, and filling vacancies to maximize income potential.

Our team is continuously sourcing deals similar to this acquisition, stay tuned for new opportunities in the months to come!

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