AMESBURY, Mass., Nov. 5, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the Amesbury Collection, a pair of apartment complexes comprised of 183 units in Amesbury, Massachusetts. The assets sold for a total of $26.5 million.
Marcus & Millichap’s Evan Griffith, first vice president investments, and Tony Pepdjonovic, first vice president investments in Boston had the exclusive listing to market the properties on behalf of the seller and procured the buyer. The collection is comprised of the British Colonial Apartments, a 111-unit apartment community located on 164 Whitehall Road and Amesbury Gardens, a 72-unit complex located just over a mile away on 106 Friend St.
“The Amesbury Collection is located within a classic New England town just 40 miles from Boston and is in close proximity to New Hampshire’s Seacoast Region,” said Pepdjonovic. “The offering presented a rare opportunity to establish a substantial footprint in a supply-constrained market with strong demographics.”
British Colonial Apartments consists of a mix of one- and two-bedroom apartments and features a swimming pool for residents, ample parking, coin-operated laundry facilities and private balconies with sweeping views of the valley. Amesbury Gardens has studio, one-, and two-bedroom layouts and is walking distance to Amesbury’s charming and historic downtown area where residents can take full advantage of the eclectic mix of stores and restaurants.
“We continue to see the workforce housing subsection of the multifamily sector to be the most resilient asset class,” noted Griffith. “This was on full display here as the properties have operated at over 98% occupancy and rent collections throughout 2020.” The capitalization rate at the time of sale was 5.20%.
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With more than 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of $49.7 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.