Griffith and Pepdjonovic Sell $5M+ Of Multifamily Units In Quincy And DorchesterJanuary 09, 2018 - By The Real Reporter
QUINCY—Marcus & Millichap procured over $5M for two recently completed sales in Quincy and Dorchester. With a $3.425M sale price, 1193 Furnace Brook Parkway, a 16-unit apartment building located in Quincy, changed hands along with 3-5 Edwin Street, a 13-unit vacant complex in Dorchester, selling at $2 Million.
Evan D. Griffith, First Vice President of Investments, and Tony Pepdjonovic, Associate Director, in Marcus & Millichap’s Boston office, brokered both sales. Holding exclusive listings to market, the properties on behalf of the individual sellers, Griffith and Pepdjonovic also procured the buyers.
Pepdjonovic asserts the importance of location in the success of both sales. “Both of these sales reinforce the red-hot multifamily market along the I-93 South corridor.” 1193 Furnace Brook Parkway houses 14 two-bedroom units and two one-bedroom units, along with on-site parking and easy access to I-93 North and South, less than a quarter of a mile away. The property traded at a 4.9 % Cap Rate and the new buyer plans to reposition the asset through unit upgrades and rental increases. 3-5 Edwin Street is set to undergo a full gut rehab renovation. Vacant at the time of the sale, the 13 unit property contains a mix of one and two bedroom units. The properties location is within walking distance to Ashmont Station on the MBTA Red Line - which makes it a viable asset.
“The competition for deals has been fierce and we are continuing to see investors aggressively charge at all of our exclusively listed inventory,” adds Griffith. According to Griffith and Pepdjonovic, these two sales ultimately represent the latest trend towards transient developments of properties associated to MBTA routes, in addition to apartments adjacent to major interstate highways.3-5 Edwin Street, Dorchester MA Tony Pepdjonovic Evan Griffith