Marcus & Millichap handle $8.675m sale of the Roosevelt Apartments

New Bedford, MA Marcus & Millichap completed the sale of the Roosevelt Apartments, a 73-unit apartment building in downtown. The asset traded for $8.675 million.

“The Roosevelt Apartments has a rich history in New Bedford, and we were excited to assist the sellers with this unique assignment. The winning bidder was drawn to the property because of its location in the coveted Historic Waterfront District, which continues to undergo significant revitalization, and they are excited to do their part through building improvements,” said Tony Pepdjonovic, senior managing director. 

“This 73-unit asset presented a compelling value-add opportunity of scale that attracted investment capital from Boston, Rhode Island, and Connecticut, many of which have no holdings in the New Bedford area,” said Evan Griffith, senior managing director.

Griffith and Pepdjonovic of Marcus & Millichap exclusively marketed the property on behalf of the seller, a family office based in New Jersey, and procured the buyer.

The Roosevelt is a six-story brick apartment building built in 1924 that sits on a 0.66-acre lot and includes 26 off-street parking spaces. The unit mix consists of studio, one- and two-bedroom apartments. The property is located at 415 County St. just one mile from the new commuter rail station with direct connection to Boston. 

Other nearby amenities include the Whaling Museum, New Bedford Ferry, UMass Dartmouth, and an array of dining, shopping, and entertainment options.