News: Front Section

Griffith and Pepdjonovic of Marcus & Millichap arrange $17.25m sale

Worcester, MA, Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has completed the sale of Biotech Park Apartments, a 92-unit property, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $17,250,000.

Evan Griffith and Tony Pepdjonovic, senior vice president investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The Griffith Pepdjonovic Group also procured the buyer.

Griffith said, “value-add apartment buildings continue to outperform in the marketplace. Even with the interest rate volatility, investors continue to look for multi-family investments in areas with strong occupancy and solid economic fundamentals.”

“Worcester has been building momentum over the past several years and is now one of the most sought after submarkets in Massachusetts” said Pepdjonovic. “This is an ideal renter’s location being a short drive away from Downtown Worcester, UMass Medical School and Lincoln Village Shopping Center, home to Stop & Shop, Lowe’s, Dick’s Sporting Goods, TJ Maxx, HomeGoods, and other many other national tenants.”

Biotech Park Apartments is located at 38-85 Goldthwaite Rd. It is comprised of (84) 2-bedroom, 1-bathroom, (7) 1-bedroom, 1-bathroom, and (1) 3-bedroom, 1-bathroom units. With zoning approvals for 36 additional development units on an adjacent parcel, this investment is a value-add opportunity. Built in 1965, Biotech Park Apartments underwent renovations beginning in 2009. Today, 52 units have been renovated with granite countertops, tile floors and backsplashes, stainless steel appliances, new kitchen cabinets, modern light fixtures, new flooring throughout and fresh paint.

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,
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
Five ways to ruin a  Section 1031  Like-Kind Exchange - by Bill Lopriore

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

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.

Four tips for a smooth 1031 Exchange - by Bill Lopriore

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

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.