Seven buildings sold to new property management company
There’s a new landlord in town: Newman Properties has purchased a portfolio of seven buildings in Onset which include a total of 58 apartments and 12 commercial units.
The properties were formerly owned by Len Cubellis, and sold for a total of $8,282,000.
Matt Newman, the principal and CEO of Newman Properties, said that he has been working to build up his property holdings on the South Shore over the past several years.
“Especially during covid, we have seen a lot of people moving more towards the suburbs and less in the city, so business down there has been good recently,” said Shoshana Baraschi- Ehrlich, the marketing coordinator for the company.
The buildings purchased are 215 Onset Ave. (home of Cape Clogs), 211 Onset Ave. (home of Kinlin Grover), 219 Onset Ave., 4 Union Ave., the apartment building at 54 Longwood Ave., 6 South Water St. — all in Onset — and 1 Bodfish Ave. in Wareham.
Most of the units are currently occupied, and all current tenants will be allowed to stay, said Baraschi-Ehrlich.
The unoccupied units will be renovated, and others will likely be renovated and updated between tenants.
Baraschi-Ehrlich was unable to say whether tenants could expect their rents to change.
Newman Properties and its affiliates own and manage more than 500 residential units in Boston and on the North and South Shore.
Baraschi-Ehrlich said that Newman Properties will likely continue to expand its holdings in Onset and Wareham.