Press Releases
Marcus & Millichap Brokers the $5 Million Sale of Greater Boston Apartments
September 19, 2023
BOSTON, Sept. 19, 2023 – 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 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.
“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.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 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 clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
