LYNN — Kings Beach Towers, an apartment complex located at 130 Eastern Ave., was sold last week for $47 million.
The more than 96,122-square-foot property was previously managed by Crowninshield Management, but was sold to KBT, Limited Partnership — a Massachusetts limited partnership — and will now be managed by Redwood Housing Partners based out of Texas.
The buyers secured a loan with Massachusetts Housing Finance Agency in the amount of $22.119 million and paid $26.357 million in cash for the property.
The city will generate $120,192.48 in revenue for the state via deed excise sales tax from this sale.
Built in 1900, the six-story, senior low-income housing apartment complex has 139 one-bedroom apartments and 44 two-bedroom apartments.
As the complex consists of U.S. Department of Housing and Urban Development (HUD) apartments, residents pay around 30 percent of their gross income for rent, which will remain with the new owners.
