Rose Garden Apartments in Framingham, MA., has been sold for $16.5 million. The 72-unit complex at 258 Union Ave offers studios, one-bedroom, and two-bedroom units across 70,551 square feet.
Griffith, Tony Pepdjonovic, and Jeremy Buckley of Marcus & Millichap’s Griffith Pepdjonovic Group had the exclusive listing to market the property on behalf of the seller and procured the buyer.
“This 72-unit apartment complex presents an excellent value-add opportunity, this is the first time this asset has traded in 20+ years, with 21 units already renovated, showcasing its potential for increased rents and enhanced returns through strategic improvements in this true value-add opportunity,” added Tony Pepdjonovic, senior vice president investments.
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Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.