News: Front Section
Posted: February 10, 2017
Griffith of Marcus & Millichap brokers two sales totaling $3.91 million
Evan Griffith, Marcus & MillichapBrighton, MA Marcus & Millichap completed the sale of 5 Sparhawk St., a nine-unit apartment property as well as 276 Paris St., a four-unit apartment building in East Boston. The Brighton asset sold for $2.925 million and the East Boston property sold for $985,000. Evan Griffith, an associate director of the National Multifamily Housing Group in Marcus & Millichap’s Boston office, was the sole broker on both sales. He had exclusive listings to market both properties on behalf of the sellers and procured the buyers.
5 Sparhawk St. is a nine-unit brick building with parking and a mix of one and two-bedroom units. The property traded at a 3.8% Cap Rate and the new buyer plans to reposition the property by bringing all of the units up to market rents. 276 Paris St. is a four-unit building with two-bedroom units which traded at a 5.75% Cap Rate.
5 Sparhawk Street - Brighton, MA“Both of these sales set pricing records in their respective submarkets” said Griffith. “The rental market continues to stay heated and apartment building demand far exceeds supply available to the investment community. These two sales are a testament to local investors’ bullish long term outlook on the multi-family segment”
Tim Thompson is the broker of record for the Boston office.
Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services.
Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 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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