Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Beals Street Apartments, a nine-unit apartment property located at 10 Beals St. in Brookline, Massachusetts. The 12,280-square-foot asset sold for $5.25 million.
“This rare-to-market asset, owned since the early 1970s, is in one of the most demanded rental markets within the Greater Boston area,” said Matthew Pierce, first vice president investments. “We had a great market response with over a dozen offers and were able to sell the value-add investment for a record 2% in-place cap rate.”
Pierce, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust, and procured the buyer, an LLC.
Constructed in 1909, Beals Street Apartments offers a unit mix that includes six condo-style two-bedrooms, and three studio apartments. The apartments are located within walking distance of Coolidge Corner featuring many well-known retailers, restaurants, schools, transit, and other amenities that are minutes from Downtown Boston.
