BOSTON– Marcus & Millichap (NYSE: MMI) introduced the sale of 97 Spring St., a 32-unit residence property within the West Roxbury neighborhood of Boston. The asset bought for $9,075,000.
Evan Griffith and Tony Pepdjonovic, senior vice presidents in Marcus & Millichap’s Boston workplace, had the unique itemizing to market the property on behalf of the vendor and procured the customer.
“This was a hotly contested deal from the beginning, and our advertising and marketing resulted in 11 certified bids throughout the name for presents,” stated Pepdjonovic. “We proceed to see mid-sized value-add residence buildings fetch report pricing regardless of elevated rates of interest.”
The Spring Road Residences, inbuilt 1965, are positioned at 97 Spring St in West Roxbury. The property consists of 16 two-bedroom, one-bath models; 14 one-bedroom, one-bath models; and two studios. The models are in dated situation and had been underneath the possession of the identical household for simply over 50 years. The constructing options an elevator, off-street parking, and on-site laundry. It’s positioned on a public bus line and inside strolling distance of the West Roxbury MBTA Commuter Rail and a Star Market-anchored buying plaza.
“West Roxbury has solely a dozen properties of this dimension and classic, so the customer will profit from a good rental market that has carried out exceptionally effectively over time,” Griffith added.
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