Pair of West Suburban Multifamily Assets Trade via M&M for $3.1MSeptember 18, 2018 - By The Real Reporter
FRAMINGHAM–Two apartment buildings west of Boston traded for an aggregate value of $3.1 million. The Gordon street asset, a nineteen-unit building in Framingham, sold for $2,050,000 while 75-77 Bacon Street, a five-unit building in Waltham, netted $1,050,000. Evan Griffith, first vice president investments, Tony Pepdjonovic, senior associate, and Jeremy Buckley, associate in Marcus & Millichap’s Boston office, had exclusive listings to market the properties on behalf of the sellers, and the team procured the buyers for both transactions.
Nine Gordon Street, Framingham is comprised of (12) studio units, (6) one-bedroom units, and a two-bedroom apartment. The transit-oriented property lies within walking distance (0.25 miles) to the MBTA Framingham Commuter Rail Station and features separate utilities, off-street parking, and coin-operated laundry.
“The offering presented tremendous upside as the in-place rent roll was more than 20% below market and the current vacancy rate in Framingham is one of the lowest in the Commonwealth,” said Pepdjonovic. “The Downtown Framingham area is undergoing a significant revitalization and is poised for considerable long-term growth. This sale reaffirms that multifamily properties within close proximity to transit continue to be some of the most coveted assets we bring to market.” he added. The capitalization rate at the time of sale was 5.8%.
Just due south, in Waltham, lies 75-77 Bacon Street, a five-unit apartment building comprised of (2) two-bedroom units, (2) one-bedroom units, and a studio apartment. The property accommodates off-street parking for seven vehicles and coin-operated laundry. Furthermore, the property is located 0.5 miles from the Waltham MBTA Commuter RailStation with prompt access to North Station and MBTA Red-Line at Porter Square. The capitalization rate at the time of sale was 5.06%.
“With Waltham, apartment rents increasing over 10% in the last year, we continue to draw investors from all over the region to bid on multifamily assets in the Watch City.” stated Buckley. “The location of this property paired with the ability to immediately implement a value-add strategy allowed us to achieve full list price in a highly competitive bidding process” he added.
The Griffith/Pepdjonovic duo has had an active summer in the suburbs, closing dozens of multifamily assets around metro Boston.75-77 Bacon Street, Waltham MA Jeremy Buckley Tony Pepdjonovic Evan Griffith