News: Front Section
Posted: February 11, 2022
Craig of Marcus & Millichap handles $6.2 million sale of Highland Court
Arlington, MA Marcus & Millichap completed the sale of Highland Court, a 24-unit apartment property located at 924 Massachusetts Ave., according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $6.2 million.
John Craig, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, Highland Court Realty. The buyer, Dauenhauer Capital, was also secured by Craig.
Two of the 24 units have been off-line for a few years. The buyer plans to make several significant investments to stabilize and enhance the property, including the restoration of the off-line units.
Craig said, “Given the current infrastructure and the below-market rents, the seller was very pleased to achieve a price of $282,000 for each of the 22 rentable units. The buyer was pleased with the opportunity to improve the property for the tenants, return two units to inventory, and invest in Arlington for the long term.”
The asset consists of all two-bedroom apartments, with hardwood floors and large living spaces. Recent capital improvements include new roofs, gutters, and chimneys. The property was built in 1950.
Craig said, “Recently, Arlington real estate has benefited from the migration of renters from Cambridge and Somerville, where pre-pandemic rents grew unacceptable for many. The migration from Cambridge and Somerville will only increase, as Arlington is well-positioned to capture work-from-home renters who want to live further from the city, yet in a thriving suburban/urban community with easy access to Boston”.
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