Marcus & Millichap Inc.
08/02/2024 | Press release | Archived content
Marcus & Millichap Brokers $15.25 Million Sale of 44 Units in Newton Massachusetts
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Marcus & Millichap Brokers $15.25 Million Sale of 44 Units in Newton Massachusetts
August 02, 2024
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BOSTON, Mass., August 2, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Curtis Arms Apartments, a 44-unit multifamily property in Newton, Massachusetts, for $15.25 million.
"We were thrilled to deliver this rare apartment complex to our client, as it presents a tremendous value-add opportunity in one of the most desirable cities in the country. The selling family built Curtis Arms in 1969, so this marks the first time the asset has ever been sold," said Tony Pepdjonovic, senior vice president investments. "Newton is an incredibly low-velocity sales market, with this being the only apartment complex that has traded in 2024. The last sale dates back to August 2023, when our team handled 175 Adams St., a 31-unit property," added Evan Griffith, senior vice president investments.
128-134 North St. sits on 1.8 acres and is improved by four 11-unit brick buildings. The complex is comprised entirely of two-bedroom floor plans and features ample off-street parking, as well as storage lockers and coin-operated laundry machines for the tenants.
"We were thrilled to deliver this rare apartment complex to our client, as it presents a tremendous value-add opportunity in one of the most desirable cities in the country. The selling family built Curtis Arms in 1969, so this marks the first time the asset has ever been sold," said Tony Pepdjonovic, senior vice president investments. "Newton is an incredibly low-velocity sales market, with this being the only apartment complex that has traded in 2024. The last sale dates back to August 2023, when our team handled 175 Adams St., a 31-unit property," added Evan Griffith, senior vice president investments.
128-134 North St. sits on 1.8 acres and is improved by four 11-unit brick buildings. The complex is comprised entirely of two-bedroom floor plans and features ample off-street parking, as well as storage lockers and coin-operated laundry machines for the tenants.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.