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Marcus & Millichap Arranges the Sale of 13-Unit Apartment Building in Worcester

October 12, 2021

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 Woodland Street Apartments, a 13-unit apartment property located in Worcester, MA, according to Thomas Shihadeh, regional manager of the firm’s Boston office. The asset sold for $2,100,000.

Matthew Pierce, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller. The buyer was also secured by Matthew Pierce.

Matthew Pierce comments, “Woodland Street is a great asset right in the heart of Clark University where the demand for housing is always there, especially for premium apartments like these. Given the market we’re in and based on interest rates, we went out at a sub six-cap and were able to come to terms with an out-of-state buyer who was in a 1031 exchange. This resulted in record pricing for the seller and fulfilling the buyers exchange parameters with significant upside available in the near future.”

Located at 111 Woodland Street in Worcester, the property has three floors comprised of an attractive unit mix: one two-bedroom, one-and-a-half-bath apartment, three two-bedroom, one bath apartments, and eight one-bedroom apartments.

 

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About Marcus & Millichap (NYSE: MMI)

With over 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 8,954 transactions in 2020 with a value of approximately $43 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.

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