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Methuen Sale Illustrates Multifamily Demand in Merrimack Valley

Marcus & Millichap arranged the sale of Ashton Place Apartments, a 30-unit multifamily property located at 11 Ashton Pl. in Methuen, MA. The property sold for $7.1 million. 

“The Merrimack Valley multifamily market continues to have strong demand from investors throughout the region,” said Evan Griffith, senior managing director. “High occupancy and limited new supply in the workforce housing segment make these assets highly desirable.”

Added senior managing director Tony Pepdjonovic, “This property was gut renovated several years ago after a fire and rebuilt with modern layouts and finishes. It is no surprise that we had more than 30 property tours throughout 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.    Robert Bhat of Marcus & Marcus & Millichap Capital Corporation secured $5 million in agency financing for the buyer.

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Marcus & Millichap's GriffithMarcus & Millichap's Pepdjonovic

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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