Press Releases
Marcus & Millichap Facilitates $10 Million Sale and Financing of 24-Unit Multifamily Asset in Greater Boston
January 21, 2025
BOSTON, Jan. 21, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of Harvard Avenue Apartments, a 24-unit multifamily property in Brookline, Massachusetts. The property sold for $10 million, with $3.25 million in financing sourced by Marcus & Millichap Capital Corporation (MMCC), a subsidiary of Marcus & Millichap.
“Harvard Avenue Apartments presented a rare opportunity for investors to acquire a legacy asset in one of Greater Boston’s most highly demanded submarkets,” said Matthew Pierce, first vice president investments in Marcus & Millichap’s Boston office. “After generating strong interest, we secured a qualified buyer, handled the acquisition financing and closed just over a three percent cap rate.”
Pierce exclusively marketed the property on behalf of the seller Pine Realty Associates, and procured the buyer, a private investor.
Robert Damigella, managing director at MMCC, arranged the acquisition financing with a local credit union. Terms of the 10-year non-recourse loan include a 6.2% interest rate with 25-years amortization and a loan-to-value of 65%.
Built in 1950, Harvard Avenue Apartments at 48-50 Harvard Ave. offers studios and one-bedroom units, off-street parking, and on-site laundry. The three-section building is situated between Coolidge Corner and Brookline Village.
“Harvard Avenue Apartments presented a rare opportunity for investors to acquire a legacy asset in one of Greater Boston’s most highly demanded submarkets,” said Matthew Pierce, first vice president investments in Marcus & Millichap’s Boston office. “After generating strong interest, we secured a qualified buyer, handled the acquisition financing and closed just over a three percent cap rate.”
Pierce exclusively marketed the property on behalf of the seller Pine Realty Associates, and procured the buyer, a private investor.
Robert Damigella, managing director at MMCC, arranged the acquisition financing with a local credit union. Terms of the 10-year non-recourse loan include a 6.2% interest rate with 25-years amortization and a loan-to-value of 65%.
Built in 1950, Harvard Avenue Apartments at 48-50 Harvard Ave. offers studios and one-bedroom units, off-street parking, and on-site laundry. The three-section building is situated between Coolidge Corner and Brookline Village.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
