Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of 97 Spring Street, a 32-unit apartment property in the West Roxbury neighborhood of Boston.
Evan Griffith and Tony Pepdjonovic, senior vice presidents in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
“This was a hotly contested deal from the start, and our marketing resulted in 11 qualified bids during the call for offers,” said Pepdjonovic. “We continue to see mid-sized value-add apartment buildings fetch record pricing despite elevated interest rates.”
The Spring Street Apartments, built in 1965, are located at 97 Spring St in West Roxbury. The property consists of 16 two-bedroom, one-bath units; 14 one-bedroom, one-bath units; and two studios. The units are in dated condition and had been under the ownership of the same family for just over 50 years. The building features an elevator, off-street parking, and on-site laundry. It is located on a public bus line and within walking distance of the West Roxbury MBTA Commuter Rail and a Star Market-anchored shopping plaza.
“West Roxbury has only a dozen properties of this size and vintage, so the buyer will benefit from a tight rental market that has performed exceptionally well over the years,” Griffith added.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
