News: Front Section
Posted: March 4, 2016
Marcus & Millichap arranges sale of 30-unit apartment building - $4.85 million
30 PARK - Revere, Mass.Revere, MA Marcus & Millichap sold 30 PARK, a 30-unit apartment property for $4.85 million.
Evan Griffith, a senior associate in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a family trust. The buyer, a private investor, was also procured by Griffith.
30 PARK consists of a mix of one- and two-bedroom units, as well as ample parking.
Saul Feldman of Feldman Law Office provided legal representation for the seller.
Tim Thompson is the sales manager in the Boston office.
“Rarely do we see a turn-key asset come to market like 30 PARK and when we do the investment community races to secure the opportunity. We conducted over 30 tours on the property and generated a pool of competitive offers for the Seller which helped them reach a record level price for the property” said Griffith. “It was a pleasure working with the long term ownership who have really put their heart and soul into the property over the last 40+ years.”
“The buyer couldn’t be more excited to add this generational asset to their growing portfolio of apartment buildings. With the multi-million dollar Broadway rehab project underway adjacent to the property, the future looks brighter than ever for downtown Revere” said Griffith.
Tags:
Front Section
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,
Columns and Thought Leadership
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
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
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.
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.