Log in Subscribe Front Page Current Issue Real Briefs Recent Trades Subscribe/Renew Events Advertise Contact Us
Wed, Apr 1
A Compendium of Property & Capital News
Wed
Apr 1
Boston
Log In
Subscribe
Hingham Industrial Asset Sells for $4.7M //End of an Era in South Boston //Sorenti Bros Sell 7 Acres in Sagamore //1-9 Powers Street Yields $6M+ in Lawrence //Iconic Provincetown Complex in $10.5M Sale // Hingham Industrial Asset Sells for $4.7M //End of an Era in South Boston //Sorenti Bros Sell 7 Acres in Sagamore //1-9 Powers Street Yields $6M+ in Lawrence //Iconic Provincetown Complex in $10.5M Sale // Hingham Industrial Asset Sells for $4.7M //End of an Era in South Boston //Sorenti Bros Sell 7 Acres in Sagamore //1-9 Powers Street Yields $6M+ in Lawrence //Iconic Provincetown Complex in $10.5M Sale //

13-Building 92-Unit Worcester Multifamily Complex Biotech Park Trades for $11.25M

December 15, 2022
Biotech Park Apartments, Worcester MA

Worcester — Biotech Park Apartments, a 92-unit apartment property located at 38-85 Goldthwaite Road in Worcester has traded hands via an exclusive listing assignment from Marcus & Millichap. According to Thomas Shihadeh, regional manager of the firm’s Boston office, the asset sold for $17,250,000.

Evan Griffith and Tony Pepdjonovic, senior vice president investment specialists in the Boston office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The Griffith Pepdjonovic Group also procured the buyer.

“Value-Add apartment buildings continue to outperform in the marketplace. Even with the interest rate volatility, investors continue to look for multi-family investments in areas with strong occupancy and solid economic fundamentals,” reports Griffith

“Worcester has been building momentum over the past several years and is now one of the most sought-after submarkets in Massachusetts, adds Pepdjonovic.” “This is an ideal renter’s location being a short drive away from Downtown Worcester, UMass Medical School, and Lincoln Village Shopping Center, home to Stop & Shop, Lowe’s, Dick’s Sporting Goods, TJ Maxx, HomeGoods, and other many other National Tenants.”

Marcus & Millichap Capital Corporation arranged the financing of $11,250,100 for the acquisition. Robert Bhat, Senior Managing Director of Capital Markets, based out of the MMCC Miami office, secured the financing.

Biotech Park Apartments is comprised of (84) 2 Bedrooms, 1 Bathroom, (7) 1 Bedroom, 1 Bathroom, and (1) 3 Bedroom, 1 Bathroom units. With zoning approvals for 36 additional development units on an adjacent parcel, this investment is an excellent value-add opportunity. Built in 1965, Biotech Park Apartments underwent extensive renovations beginning in 2009. Today, 52 units have been renovated with granite countertops, tile floors and backsplashes, stainless steel appliances, new kitchen cabinets, modern light fixtures, new flooring throughout and fresh paint.

Recent Headline News

Subscriber Content