News:
Owners Developers & Managers
Posted: January 19, 2018
Griffith and Pepdjonovic of Marcus & Millichap broker $5.425 million in sales
1193 Furnace Brook Parkway - Quincy, MA
Quincy, MA Marcus & Millichap completed the sale of the 1193 Furnace Brook Pkwy., a 16-unit multifamily property, as well as 3-5 Edwin St, a 13-unit vacant multifamily building in Dorchester, Mass. The Quincy asset sold for $3.425 million and the Dorchester property for $2 million.
“We are continuing to see investors aggressively charge at all of our exclusively listed inventory. We are seeing a strong flow of capital target the I-93 South corridor,” said Evan Griffith, first vice president investments, in Marcus & Millichap’s Boston office.
Griffith and Tony Pepdjonovic, senior associate, in Marcus & Millichap’s Boston office, had exclusive listings to market the properties on behalf of the sellers, as well as procured the buyers.
“This sale reinforces the red-hot multi-family market on the South Shore,” said Pepdjonovic. “The area around Ashmont Station has been going through rapid gentrification with several developers targeting this transit-oriented community.”
1193 Furnace Brook Pkwy. is a 16-unit multifamily property with parking and a mix of one and two bedroom units. The property traded at a 4.9% cap rate and the new investor plans to reposition the asset by bringing all units up to market rents.
3-5 Edwin St. is a 13-unit vacant building which will undergo a full gut rehab renovation. The property is a mix of one and two bedroom units, and is walking distance to the MBTA .
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
MORE FROM Owners Developers & Managers
Routine Properties acquires Bristol Business Park at 383 Middle St. - 406,665 s/f industrial campus
Bristol, CT Routine Properties, a boutique real estate development and investment firm specializing in industrial assets throughout the Northeast, has acquired the Bristol Business Park, a 406,665 s/f industrial campus located at 383 Middle St.
.png)
Quick Hits
 (1).png)
Columns and Thought Leadership
IREM president’s message: Our new reality - Staying ahead of supply chain delays - by Yoany Vargas
Supply chain delays are slowing construction, ratcheting up operating costs, and extending turnover timelines across Greater Boston, directly reducing revenue and increasing the workload for multifamily and
Revitalized Town Centers: Retail??? - by Carol Todreas
It is now widely accepted that customers want to shop in person at physical stores. Brands know that they do better business in a physical store than just on line so they want to open stores. Demand for retail space by digital merchants, local entrepreneurs, and newly developed national chains
Retail infill strategy to activate Pawtucket’s Conant Thread District - by Gaetan Kashala
Until recently, the Conant Thread District consisted of approximately 150 acres of underutilized industrial land spanning Pawtucket and Central Falls. Today, the area is one of the most significant
Florida ruling raises bar for condo terminations and buyouts - by Michael Karsch
On October 14, 2025, in a landmark decision with significant implications for the Florida real estate market, the Supreme Court of Florida formally denied Two Roads Development’s (TRD Biscayne LLC) petition for review in its long-running case against unit owners of Biscayne 21,
 (1).png)