Press Releases
Marcus & Millichap Facilitates $16.5 Million Framingham Apartment Complex Sale
February 06, 2024
FRAMINGHAM, Mass. Feb. 6, 2024 – 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 Rose Garden Apartments in Framingham, Massachusetts. The asset was sold for $16.5 million.
"Framingham’s real estate market has experienced consistent growth in recent years, driven by factors such as its suburban charm, proximity to Boston, and thriving retail corridor,” said Evan Griffith, senior vice president investments.
Griffith, Tony Pepdjonovic, and Jeremy Buckley of Marcus & Millichap’s Griffith Pepdjonovic Group had the exclusive listing to market the property on behalf of the Seller and procured the Buyer.
“This 72-unit apartment complex presents an excellent value-add opportunity, this is the first time this asset has traded in 20+ years, with 21 units already renovated, showcasing its potential for increased rents and enhanced returns through strategic improvements in this true value-add opportunity,” added Tony Pepdjonovic, senior vice president investments.
The apartment complex at 258 Union Ave, totaling 72 units, is comprised of a unit mix including studios, one-bedroom, and two-bedroom units. The three-story property, spanning 70,551 square feet, has recently completed renovations on 21 units. Nearby national retailers include Whole Foods, Best Buy, and Target. Additionally, Framingham State University is situated 1.4 miles away.
"Framingham’s real estate market has experienced consistent growth in recent years, driven by factors such as its suburban charm, proximity to Boston, and thriving retail corridor,” said Evan Griffith, senior vice president investments.
Griffith, Tony Pepdjonovic, and Jeremy Buckley of Marcus & Millichap’s Griffith Pepdjonovic Group had the exclusive listing to market the property on behalf of the Seller and procured the Buyer.
“This 72-unit apartment complex presents an excellent value-add opportunity, this is the first time this asset has traded in 20+ years, with 21 units already renovated, showcasing its potential for increased rents and enhanced returns through strategic improvements in this true value-add opportunity,” added Tony Pepdjonovic, senior vice president investments.
The apartment complex at 258 Union Ave, totaling 72 units, is comprised of a unit mix including studios, one-bedroom, and two-bedroom units. The three-story property, spanning 70,551 square feet, has recently completed renovations on 21 units. Nearby national retailers include Whole Foods, Best Buy, and Target. Additionally, Framingham State University is situated 1.4 miles away.
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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, 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 clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
