Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a nine-unit multifamily property on Columbia Street in Cambridge, Massachusetts.
“This was a very successful off-market sale for our client, as he was able to use the equity in this property to purchase a large apartment complex via a 1031 exchange, resulting in roughly a 50% increase in yearly cash flow,” said Tony Pepdjonovic, senior managing director. “This well-maintained, nine-unit asset presents an attractive investment opportunity in Cambridge’s exceptionally stable market, fueled by constant rental demand from top-tier universities and consistently low vacancy rates,” said Evan Griffith, senior managing director. Griffith and Pepdjonovic represented the seller and procured the buyer.
Built in 1920, the three-story property is located at 323-327 Columbia Street and features two- and three-bedroom apartments. It is within walking distance of Central Square and Union Square MBTA Stations, near MIT and Harvard University, and surrounded by a vibrant mix of shops, restaurants and cultural amenities in one of Greater Boston’s most sought-after neighborhoods.
Tony Pepdjonovic is a Senior Vice President Investments in the Boston office of Marcus & Millichap. Tony, alongside business partner, Evan Griffith, run the #1 sales team in the Boston office specializing in representing clients in the disposition and acquisition of multifamily and mixed-use investment properties as well as land development sites in the Greater Boston Area. Evan Griffith leads the top-producing team in the Boston Marcus & Millichap office. Together with Tony Pepdjonovic they have formed a collaborative investment sales team focusing on the New England market. They are dedicated to being “relationship-oriented” with the crux of the team’s focus on multi-family, mixed-use buildings as well as guiding clients through the 1031 exchange process.
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.
