METHUEN, MA— Marcus & Millichap (NYSE: MMI)announced the sale of Ashton Place Apartments, a fully renovated 30-unit multifamily property located in Methuen, Massachusetts. The asset traded for $7.1 million, reflecting continued investor appetite for high-quality workforce housing in the Merrimack Valley.
Located at 11 Ashton Place, the property comprises a mix of studio, one-, and two-bedroom apartments. Following a fire several years ago, the building underwent a full gut renovation and now features modern layouts and high-end finishes, including stainless steel appliances, stone countertops, tiled backsplashes, updated bathrooms, new flooring, and open-concept living spaces.
“The Merrimack Valley multifamily market continues to have strong demand from investors throughout the region,” said Evan Griffith, Senior Managing Director at Marcus & Millichap. “High occupancy and limited new supply in the workforce housing segment make these assets highly desirable.”
Tony Pepdjonovic, also a Senior Managing Director with the firm, noted the robust interest the property generated: “We had more than 30 property tours during the marketing process. The buyer was thrilled to add this turnkey property to their portfolio.”
Griffith and Pepdjonovic represented the seller and procured the buyer in the transaction.
Ashton Place Apartments benefits from a prime location just 2.2 miles from the Lawrence MBTA station and with easy access to Interstates 93 and 495, offering strong commuter connectivity. It is also situated near multiple shopping centers, enhancing convenience for residents.
The sale underscores the ongoing strength of the Greater Boston suburban multifamily market, where well-renovated and well-located assets continue to command premium pricing and investor interest.
