Newton, MA Marcus & Millichap sold 14 Cottage Court, a 12-unit apartment property, according to Tim Thompson, sales manager of the firm’s Boston office. The asset sold for $3.7 million.
Evan Griffith, Marcus & MillichapThe seller, a limited liability company, was represented by Evan Griffith, an investment specialist in Marcus & Millichap’s Boston office and Matthew Petty, an investment advisor with Town Property Group. Griffith and Petty also procured the buyer on this transaction.
“Not often do buildings of this quality and size become available in Newton,” said Griffith. “When this type of opportunity comes up, a feeding frenzy emerges and buyers race to secure the investment. The location combined with the long term potential made this property extremely appealing to local apartment building operators.”
The building contains a mix of one and two-bedroom units as well as covered parking for tenants.
“The buyer was very pleased to add this generational asset to their growing suburban apartment building portfolio” said Petty.
With nearly 1,500 investment 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 7,600 transactions in 2014 with a value of approximately $33.1 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.
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