29-Unit East Boston Multifamily Sells for $7.3 Million via Marcus & Millichap

Boston – Evan Griffith and Tony Pepdjonovic Exclusively represented the owner and procured the buyer in the sales transaction of Bennington Arms, a 28-unit multifamily property in East Boston, Massachusetts, for $7.3 million.

Located at 720 Bennington St., Bennington Arms is a three-story, 28-unit brick building in East Boston’s Orient Heights neighborhood, only 0.4 miles from the Orient Heights MBTA station. The 0.37-acre property includes 17 one-bedroom units and 11 studios, with a mix of recently renovated apartments and 20 off-street parking spaces.

“Bennington Arms presents a rare opportunity to acquire a 28-unit property that is 50% renovated, with potential for significant returns through strategic renovations and upgrades to the unrenovated units and common areas,” said Evan Griffith, senior vice president of investments.

“We continue to see substantial capital for new development earmarked for this Orient Heights neighborhood and the areas surrounding the old Suffolk Downs site. The buyer will be able to greatly benefit as the market evolves and mimics the transformation we saw in the waterfront areas of East Boston,” said Tony Pepdjonovic, senior vice president of investments.

Part of a rapidly growing Boston submarket, the Orient Heights neighborhood is known for its strong rental demand and ongoing development.