1880-Built Harvard Square 14-Unit Multifamily Sells for $6.65M

BOSTON – The Griffith/Pepdjonovic Multifamily team based out of Marcus&Millichap’s Boston office brokered the sale of Ellery Apartments, a 14-unit multifamily property located at 84-86 Ellery Street in Cambridge, Massachusetts. DND Homes of Burlington purchased the property for $6,650,00, securing acquisition and construction financing from Bluestone Bank, with plans for renovations and expansion to the 1880-built dwelling.

“Situated in the heart of Harvard Square, this trophy asset sold for the first time in over 40 years and represents a rare investment opportunity in one of Cambridge’s most prestigious neighborhoods,” said Evan Griffith, senior managing director of investments. “We continue to see strong investor demand in prime locations with high barriers to entry.”

Ellery Apartments spans 12,574 square feet and includes a mix of 10 one-bedroom units and four studios. The three-story brick building sits on a 0.25-acre lot and offers nine off-street parking spaces. The property is within walking distance of Harvard University and the Harvard MBTA Station, and is surrounded by a vibrant mix of shops, cafes and cultural amenities in one of Greater Boston’s most sought-after neighborhoods.

“We’re excited to watch the transformation of this building and parcel, as the buyer plans to take advantage of the new Cambridge zoning changes by expanding the footprint of the structure and developing 20 high-end condominiums,” said Tony Pepdjonovic, senior managing director of investments. Griffith and Pepdjonovic exclusively marketed the property on behalf of the seller, a private family, and procured the buyer.