Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 20-unit multifamily property in Dorchester, Massachusetts, for $5,296,345 located at 820-828 Blue Hill Avenue.
“Value-add workforce housing investment opportunities keep outperforming in the marketplace despite the headwinds from a rising interest rate environment,” said Evan Griffith, senior vice president investments.
Evan Griffith and Tony Pepdjonovic of Marcus & Millichap’s Griffith Pepdjonovic Group had the exclusive Blue Hill Avenue listing to market the property on behalf of the Seller and procured the Buyer.
“Dorchester is one of the strongest rental markets in the city with limited new supply and robust demand due to affordability and proximity to the city. We have seen strong consistent rent growth in this submarket and historically low vacancy,” adds Tony Pepdjonovic, senior vice president investments.
The property was built in 1920 and consists of a mix of 2-3 bedroom units averaging 800-900 square feet. Franklin Field North is home to the biggest park in Boston, Franklin Park. A designated Boston Landmark by the Boston Landmarks Commission, Franklin Park contains the Franklin Park Zoo, William J. Devine Golf Course, and White Stadium in addition to numerous athletic areas, walking trails, and playgrounds.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
