Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Ellery Apartments, a 14-unit multifamily property located at 84-86 Ellery Street in Cambridge, Massachusetts, for $6,650,000.
“Situated in the heart of Harvard Square, this trophy asset sold for the first time in over 40 years and represents a rare investment opportunity in one of Cambridge’s most prestigious
neighborhoods,” said Evan Griffith, senior managing director investments. “We continue to see strong investor demand in prime locations with high barriers to entry.”
“We’re excited to watch the transformation of this building and parcel, as the buyer plans to take advantage of the new Cambridge zoning changes by expanding the footprint of the
structure and developing 20 high-end condominiums,” said Tony Pepdjonovic, senior managing director investments. Griffith and Pepdjonovic exclusively marketed the property on behalf of the seller, a private family, and procured the buyer.
Ellery Apartments spans 12,574 square feet and includes a mix of 10 one-bedroom units and four studios. The property is within walking distance of Harvard University and the Harvard MBTA Station, and is surrounded by a vibrant mix of shops, cafes and cultural amenities in one of Greater Boston’s most sought-after neighborhoods.
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.
