News: Front Section

Griffith, Buckley and Pepdjonovic of M&M broker $6.05 million sale

Waltham, MA Marcus & Millichap has completed the sale of 50-58 Walnut St., a 22-unit multifamily property, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $6.05 million.

Evan Griffith, Tony Pepdjonovic, and Jeremy Buckley, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was also secured by the team.

Buckley said, “This asset was well-received by the market from the outset of the assignment, resulting in more than 30 property tours by qualified investors from all over New England. This is the only brick apartment building of more than 20 units on the south side of Waltham, so it is no surprise that we were able to achieve record pricing for this extremely rare asset.”

Located off Moody St., the asset is a quarter mile from the Waltham Commuter Rail Station, and less than two miles from I-95. The property consists of 20 one-bedroom, one-bathroom apartments, one two-bedroom, one-bathroom apartment, and one four-bedroom, one-and-a-half-bath apartments. 50-58 Walnut St. ultimately closed at a price of $275,000 per unit with a cap rate of 4.7%

Griffith said, “The Waltham market continues to prove itself as one of the strongest and most resilient rental markets inside of I-95. Investor demand for workforce housing in Waltham is at an all-time high and we don’t see any signs of it slowing down.”

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
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.
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:
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.
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.