50 BROADWAY, BEVERLY

45-unit apartment building

An affiliate of Riverside acquired this 45-unit apartment building in 2012 for $3,205,000 ($71,222/unit) from a family that had owned the building for several decades.  The building had been managed by an on-site superintendent and had fallen into a state of disrepair.  Riverside made substantial improvements to the building, including modernization of the building’s entryway, stairways, hallways, and expanded the laundry and mail rooms.  Riverside also replaced the roof and windows and renovated approximately 80% of the apartments.  In aggregate, Riverside completed more than $1,000,000 in improvements before selling the property in 2018 for $8,675,000 ($192,778/unit).