Quarterpath Place apartments sell for $4.3 million in Williamsburg
An investor group formed by Harrison and Lear Inc. has acquired the 54-unit Quarterpath Place Apartments in Williamsburg for $4.3 million, or about $80,000 per unit.
The complex was purchased and renovated in 2010 by Spyrock Real Estate. It consists of all two-bedroom, two-bathroom units and was 95 percent occupied at the time of sale.
Harrison and Lear Inc. will be the managing agent for the buyer, Quarterpath Place LLC, an investor group formed by Harrison and Lear, a Hampton-based real estate firm that owns and manages about 1,000 apartment units in the region.
Jonathan Skinner of Harrison and Lear represented the buyer in the transaction. Ryan Fanelli of Commonwealth Commercial represented the seller, 401 York Street LP, an investor group formed by Spyrock.