Press Releases
Marcus & Millichap Brokers $7.3 Million Sale of 28-Unit Multifamily Asset in East Boston
February 28, 2025
BOSTON, Feb. 28, 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 of Bennington Arms, a 28-unit multifamily property in East Boston, Massachusetts, for $7.3 million.
"Bennington Arms presents a rare opportunity to acquire a 28-unit property that is 50% renovated, with potential for significant returns through strategic renovations and upgrades to the unrenovated units and common areas,” said Evan Griffith, senior vice president investments.
Griffith and Tony Pepdjonovic, senior vice presidents in Marcus & Millichap’s Boston office, exclusively marketed the property on behalf of the seller and procured the buyer.
“We continue to see substantial capital for new development earmarked for this Orient Heights neighborhood and the areas surrounding the old Suffolk Downs site. The buyer will be able to greatly benefit as the market evolves and mimics the transformation we saw in the waterfront areas of East Boston,” said Tony Pepdjonovic, senior vice president investments.
Located at 720 Bennington St., Bennington Arms is a three-story, 28-unit brick building in East Boston’s Orient Heights neighborhood, only 0.4 miles from the Orient Heights MBTA station. The 0.37-acre property includes 17 one-bedroom units and 11 studios, with a mix of recently renovated apartments and 20 off-street parking spaces. Part of a rapidly growing Boston submarket, the neighborhood is known for its strong rental demand and ongoing development.
"Bennington Arms presents a rare opportunity to acquire a 28-unit property that is 50% renovated, with potential for significant returns through strategic renovations and upgrades to the unrenovated units and common areas,” said Evan Griffith, senior vice president investments.
Griffith and Tony Pepdjonovic, senior vice presidents in Marcus & Millichap’s Boston office, exclusively marketed the property on behalf of the seller and procured the buyer.
“We continue to see substantial capital for new development earmarked for this Orient Heights neighborhood and the areas surrounding the old Suffolk Downs site. The buyer will be able to greatly benefit as the market evolves and mimics the transformation we saw in the waterfront areas of East Boston,” said Tony Pepdjonovic, senior vice president investments.
Located at 720 Bennington St., Bennington Arms is a three-story, 28-unit brick building in East Boston’s Orient Heights neighborhood, only 0.4 miles from the Orient Heights MBTA station. The 0.37-acre property includes 17 one-bedroom units and 11 studios, with a mix of recently renovated apartments and 20 off-street parking spaces. Part of a rapidly growing Boston submarket, the neighborhood is known for its strong rental demand and ongoing development.
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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.
