BOSTON– Marcus & Millichap (NYSE: MMI) announced the sale of 97 Spring St., a 32-unit apartment property in the West Roxbury neighborhood of Boston. The asset sold for $9,075,000.
Evan Griffith and Tony Pepdjonovic, senior vice presidents in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
“This was a hotly contested deal from the start, and our marketing resulted in 11 qualified bids during the call for offers,” said Pepdjonovic. “We continue to see mid-sized value-add apartment buildings fetch record pricing despite elevated interest rates.”
The Spring Street Apartments, built in 1965, are located at 97 Spring St in West Roxbury. The property consists of 16 two-bedroom, one-bath units; 14 one-bedroom, one-bath units; and two studios. The units are in dated condition and had been under the ownership of the same family for just over 50 years. The building features an elevator, off-street parking, and on-site laundry. It is located on a public bus line and within walking distance of the West Roxbury MBTA Commuter Rail and a Star Market-anchored shopping plaza.
“West Roxbury has only a dozen properties of this size and vintage, so the buyer will benefit from a tight rental market that has performed exceptionally well over the years,” Griffith added.
