BOSTON— Marcus & Millichap (NYSE: MMI) announced the $4 million sale of Pine Street Apartments in Attleboro, MA.
The 19-unit multifamily property, located at 166–174 Pine Street, consists of one-, two- and three-bedroom apartments spread across three contiguous buildings. The asset is within walking distance of downtown Attleboro and its retail and dining amenities, and less than a half-mile from the Attleboro MBTA commuter rail station.
“The seller maintained the properties very well, and buyers were attracted to that pride of ownership as well as its transit-oriented location less than a half-mile from the Attleboro MBTA commuter rail station,” said Tony Pepdjonovic, senior managing director. “The opportunity provided strong in-place cash flow with added upside through strategic renovations to the handful of units that have not been rehabbed recently,” added Evan Griffith, senior managing director.
Pepdjonovic and Griffith, senior managing directors in the firm’s Boston office, exclusively marketed the property on behalf of the seller and procured the buyer.
According to Marcus & Millichap, the combination of stable occupancy, solid in-place income and value-add potential continues to drive investor interest in well-located suburban multifamily assets throughout the Greater Boston region.
