News: Front Section
Posted: January 22, 2016
Griffith of Marcus & Millichap completes $1.625 million sale of Beachmont Apartments
Beachmont Apartment,734 and 736 Winthrop Avenue - Revere, MARevere, MA Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, completed the sale of Beachmont Apartments, a 12-unit apartment property, according to Tim Thompson, sales manager of the firm’s Boston office. The asset sold for $1.625 million.
Evan Griffith, a senior associate in Marcus & Millichap’s Boston office, marketed the property on behalf of the seller, a family trust. The buyer, a limited liability company, was also procured by Griffith.
Tim Thompson, Marcus & Millichap
Evan Griffith, Marcus & Millichap
“It is rare that a building of this size and quality becomes available in this submarket,” said Griffith. “With the convenient access to the MBTA and beachfront, the demand for these rentals will continue to stay strong in the foreseeable future. This property sale sets a record-breaking price in the submarket and further confirms the strength of the ever-expanding metro-Boston rental market.”
The Beachmont Apartments are located at 734 and 736 Winthrop Ave. They are walking distance to the Beachmont Station on the MBTA Blue Line. The buildings contain a mix of one and two-bedroom units.
“The buyer was very excited to add this phenomenal asset to their growing suburban apartment building inventory,” said Griffith.
With over 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.
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