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”.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
