Pair of Multifamily Trades in Dorchester Sell for $3,735,000 via Marcus & MillichapJune 17, 2019
DORCHESTER–John Horowitz, Regional Manager of Marcus & Millichap’s Boston office, has confirmed the sales of the Buttonwood Street Portfolio and 112 Adams Street located in Dorchester. Evan Griffith, First Vice President, Investments, and Tony Pepdjonovic, Vice President, Investments, had the exclusive listings to market the properties on behalf of the legacy sellers and secured the buyers on both transactions. The assets sold for an aggregate value of $3,735,000.
103-105 and 122 Buttonwood Street is a 9 unit apartment portfolio that lies in the coveted Savin Hill neighborhood of Dorchester. Just steps away from both Andrew and JFK/UMass station, and SouthBay Shopping Center. “The fundamentals of Savin Hill and Andrew Square are incredibly strong which has caused investors and developers to flock to these neighborhoods,” stated Pepdjonovic. “This growth is just the tip of the iceberg as we await the completion of ‘The Beat’ (former Boston Globe Headquarters), South Bay Center Project, and Washington Village. These major developments will add thousands of new jobs, housing units, and entertainment options to the area” he added.
The Buttonwood Street Portfolio was comprised entirely of one-bedroom apartments and sold for $2,215,000. The seller had owned the properties for over 40 years and the rents were significantly below market levels. The Capitalization rate at the time of the sale was 2.59%.
112 Adams Street is an 8 unit apartment building located in the Meeting House Hill neighborhood of Dorchester. The property is comprised of (6) two-bedroom units and (2) one-bedroom apartments, as well as off-street parking for six vehicles. The heat and electricity are separately metered and paid for by the tenants. “The asset is located less than a quarter of a mile from the highly anticipated Dot Block Development site which is slated to bring 488 new housing units, 30,000 square feet of much needed neighborhood-focused retail, and over an acre of public green space. Investment properties in the streets surrounding the project continue to be in high demand” stated Griffith. The property sold for $1,520,000 at a capitalization rate of 6.49%.Tony Pepdjonovic Evan Griffith John Horowitz