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Boston & New England  + New England  + Apartments  |  January 4, 2023
Marcus & Millichap has facilitated the sale of Biotech Park Apartments, a 92-unit community located on Goldthwaite Road in Worcester, MA, for $17.3 million.
Lisa McDuffie
By: Lisa McDuffie

Marcus & Millichap Arranges $17M Sale of 92-Unit Multifamily in Worcester

Marcus & Millichap has facilitated the sale of Biotech Park Apartments, a 92-unit community located on Goldthwaite Road in Worcester, MA, for $17.3 million. The property has zoning approvals for 36 additional development units on an adjacent parcel.

Evan Griffith and Tony Pepdjonovic of commercial real estate brokerage firm Marcus & Millichap represented the the seller, a limited liability company and procured the buyer.

“Value-add apartment buildings continue to outperform in the marketplace,” said Griffith. “Even with the interest rate volatility, investors continue to look for multi-family investments in areas with strong occupancy and solid economic fundamentals.”

“Worcester has been building momentum over the past several years and is now one of the most sought-after submarkets in MA,” added Pepdjonovic.

Biotech Park Apartments was built in 1965 and underwent extensive renovations beginning in 2009.

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Inside The Story

Marcus & Millichap's Griffith

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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