News: Front Section
Posted: October 16, 2020
Griffith and Pepdjonovic of Marcus & Millichap arrange $5.41 million sale
East Boston, MA Marcus & Millichap completed the sale of 88-90 Bremen St. and 256-260 Bremen St., a 15 unit apartment building portfolio. The asset sold for $5.41 million.
Evan Griffith, first vice president investments, and Tony Pepdjonovic, first vice president investments, in Marcus & Millichap’s Boston office, represented the seller, a private family and procured the buyer, a limited liability company.
88-90 Bremen St. (six units) and 256-260 Bremen St. (nine units) all two bedroom units, are located in Maverick Sq., an area that attracts high traffic because of its wide variety of shops, restaurants and entertainment. This transit-oriented property is a just a five minute walk to MBTA Blue Line which travels to downtown Boston in under five minutes.
Griffith said, “Transit-oriented apartment buildings continue to outperform in the marketplace. Renters want the shortest possible commute to work and East Boston still provides a great value compared to some of the other higher priced submarkets. It is rare to see two buildings become available in this highly desirable area.”
“East Boston has had a meteoric rise into one of the hottest submarkets in the entire Boston Metro over the past several years” said Pepdjonovic. “This is an ideal renter’s location being just a stone’s throw away from two MBTA Blue Line Stations (Airport & Maverick), the entire city of Boston is easily accessible as well as walking distance to all the brand new restaurants, bars and shopping Eastie has to offer.”
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