News: Front Section
Posted: March 11, 2016
Pepdjonovic of Marcus & Millichap handles two sales totaling $3.14m
70 Oak Street Extension - Brockton, MA
Tony Pepdjonovic, Marcus & Millichap
Brockton, MA Tony Pepdjonovic, an investment specialist in Marcus & Millichap’s Boston office, has completed two sales totaling $3.14 million.
Pepdjonovic completed the sale of 70 Oak St. Extension, a 15-unit apartment property located in Brockton, according to Tim Thompson, regional manager of the firm’s Boston office. The asset sold for $2.25 million. Pepdjonovic had the exclusive listing to market the property on behalf of the seller, Riverbend Development LLC. The subject property was built in 2010. The building features an elevator, handicap accessible ramps, ample off-street parking, on-site laundry, and tenant storage units. The property is comprised entirely of spacious two-bedroom/two-full bathroom apartments that include kitchens with full appliances, central air-conditioning, and gas fireplaces. Through the acquisition of this newer construction building, the buyers BJ Realty LLC adds a stable, cash-flowing asset with little to no deferred maintenance to its local portfolio. The capitalization rate at the time of the sale was 8.13%.
24 Fawndale Road - Roslindale, MAAlso Pepdjonovic completed the sale of 24 Fawndale Rd., a six-unit apartment property located in Roslindale, Mass. The asset sold for $890,000 in an all-cash transaction. Pepdjonovic had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also procured by Pepdjonovic. All six units have two bedrooms and one bathroom and the tenants are responsible for paying for heat and household electricity. The asset provided the buyer with tremendous upside as the property is 30% below market level rents compared to similar apartments.
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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