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News: Front Section
Posted: December 4, 2015
Griffith of Marcus & Millichap brokers $2.185 million three property portfolio sale
12 Chase Street - Lynn, MALynn, MA Marcus & Millichap completed the sale of the Lynn Portfolio, a 39-unit apartment building portfolio property, according to Tim Thompson, sales manager of the firm’s Boston office. The assets sold for $2.185 million. Evan Griffith, a senior investment specialist in Marcus & Millichap’s Boston office, represented the seller, a limited liability company. The buyer, a limited liability company, was self-represented.
Evan Griffith, Marcus & Millichap“We continue to see investor interest in Lynn as occupancy and rental rates push record highs.” said Griffith. “As cap rates compress in the core areas, buyers are casting a wider net into different submarkets so they can achieve a higher return on their investment.”
The buildings were located at 8, 12, and 14 Chase St. and 87 Baker St. This portfolio consisted of an 18-unit building, two six-unit buildings and a nine-unit building. Each of the buildings was fully occupied at the time of sale.
“The buyer will be able to increase its return immediately by pushing the rents to conservative market rates” said Griffith.
With nearly 1,500 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:www.MarcusMillichap.com
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