Marcus & Millichap Duo Trade Pair of South Shore Multifamily Deals Totaling $3.7MNovember 07, 2018
BOSTON–Evan Griffith and Tony Pepdjonovic of Marcus & Millichap’s Investment team closed two Multifamily sales on the South Shore. The duo had the exclusive listings and procured the buyers on both transactions in Braintree and Quincy.
255 Elm Street in Braintree was a fractured condominium sale where Griffith & Pepdjonovic were hired to market nine investment condominiums in a 12-unit brick residential building. The duo was able to secure a buyer and successfully navigate through the complex deal for a final sale price of $1,760,000. The capitalization rate at the time of sale was 6.14%. Elm Street lies in an excellent commuter location with direct highway access and close proximity to the MBTA Red Line, which made the investment appealing to several bidders.
The team also announced the sale of a 14-unit apartment portfolio located at 79-83 Germain Avenue and 47 Appleton Street in Quincy, for $1,950,000. “The portfolio was on the market for the first time in nearly 50 years. Despite the properties’ needs of extensive renovations and gross rental income nearly 40% below market levels, we were still able to draw significant investor interest,” stated Pepdjonovic. “The winning bidder, a local developer, plans to do a full overhaul of the buildings,” he added. The capitalization rate at the time of sale was 4.34%.
The South Shore and suburban Boston have been a successful investment footprint in 2018 for the duo. The pair has closed several multifamily deals throughout the area.79-83 Germain Avenue, Quincy Tony Pepdjonovic Evan Griffith