BOSTON— Marcus & Millichap (NYSE: MMI) announced the sale of the Roosevelt Apartments, a 73-unit multifamily property in downtown New Bedford, for $8,675,000.
The six-story brick building, located at 415 County Street in the city’s historic waterfront district, was built in 1924 and sits on a 0.66-acre lot. The property includes 26 off-street parking spaces and features a mix of studio, one-bedroom, and two-bedroom apartments.
“The Roosevelt Apartments has a rich history in New Bedford, and we were excited to assist the sellers with this unique assignment,” said Tony Pepdjonovic. “The winning bidder was drawn to the property because of its location in the Historic Waterfront District, which continues to undergo revitalization.”
Evan Griffith said the property attracted interest from a range of investors. “This 73-unit asset presented a compelling value-add opportunity that drew investment capital from Boston, Rhode Island, and Connecticut, including buyers without prior holdings in the New Bedford market,” he said.
Griffith and Pepdjonovic exclusively marketed the property on behalf of the seller, a New Jersey-based family office, and also procured the buyer.
The property is located approximately one mile from the city’s commuter rail station, which provides direct service to Boston. Nearby amenities include the New Bedford Whaling Museum, ferry service, University of Massachusetts Dartmouth, and a mix of dining, retail, and entertainment options.
