Two Building, 12-Unit East Boston Multifamily Trades for $5 Million via Marcus & MillichapAugust 18, 2021
EAST BOSTON — Marcus & Millichap (NYSE: MMI) recently completed the sale of , a 12-unit apartment building portfolio in East Boston, MA, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The assets sold for $5,000,000.
Evan Griffith, First Vice President Investments, and Tony Pepdjonovic, First Vice President Investments, of Marcus & Millichap’s Boston office, represented the seller, a private client, and procured the buyer, a limited liability company.
Built in 2013, 45-47 Chelsea Street (eight units) and 37 Chelsea Street (four units) are all two- and three-bedroom apartments. The buildings are located a short walk from Maverick Square, a high-traffic neighborhood with a wide variety of shops and restaurants. The transit-oriented property is just a three-minute walk to the MBTA Blue Line, with downtown Boston one stop away.
“These buildings offer each tenant spacious layouts with central AC and in-unit laundry. It is rare to see buildings that are less than a decade old trade in this submarket,” adds Pepdjonovic. “East Boston continues to outperform and has come out of the pandemic stronger than ever as people return to the city,” he continued. “It is no surprise, given the location and quality of the product that we had over 30 tours and multiple offers.”Tony Pepdjonovic Evan Griffith