ARX Urban Capital acquires 10 Ashmont apartments for $2.75 million

Last Monday (August 15th, 2016), local Newton, MA-based real estate investor ARX Urban Capital acquired the 10-unit residential apartment building at 341 Gallivan Boulevard, located in Dorchester's Ashmont neighborhood steps to the MBTA Red Line, for $2.75 million as recorded in the Suffolk County Registry of Deeds. The sale amounts to $312 per square foot and $275,000 per unit.  JP Morgan Chase Bank provided a mortgage of $1.75 million towards ARX Urban Capital's purchase of 341 Gallivan Boulevard.

Units at 341 Gallivan Boulevard include five one-bedrooms and five two-bedrooms ranging from approximately 600 to 1,500 square feet. The building was completed in 2012 by South Boston-based developers Paul Adamson and Mark Cummins, 341 Gallivan Boulevard's sellers. Adamson and Cummins acquired the property in December 2011 for $490,000 with a previously approved permit to construct a 10-unit building. The following is the deed for ARX Urban Capital's acquisition of 341 Gallivan Boulevard:

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