Providence, RI Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, sold 497 Broadway and 205 Federal St. According to John Horowitz, regional manager of the firm’s Boston office, the assets sold for an aggregate value of $2.216 million.
Matthew Pierce and Harry Verenis, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listings to market the properties on behalf of the sellers, private investors. The buyers were also secured and represented by Pierce and Verenis.
497 Broadway is a 12-unit apartment property located in the Federal Hill neighborhood of the city. “This was an exciting deal, being one of the largest privately-owned multifamily assets on Federal Hill; especially on Broadway. The sellers had owned the property since 2003 and had renovated about 50% of the units,” said Pierce.
“Although we were under agreement in just a couple weeks, this deal attracted buyers from all over, especially out of state capital,” said Verenis.
Additionally, both Pierce and Verenis closed a three-unit apartment building located at 205 Federal St. The building sold for $496,000, closing at 99% of the asking price. The seller was a private investor looking to sell the building after owning for several years. Pierce and Verenis represented the buyer as well who was a private, first time investor.