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Legacy Apartments Trade in Sought-After Brookline
Marcus & Millichap arranged the sale and financing of Harvard Avenue Apartments, a 24-unit multifamily property in Brookline, MA. The property sold for $10 million, with $3.25 million in financing sourced by Marcus & Millichap Capital Corporation (MMCC).
“Harvard Avenue Apartments presented a rare opportunity for investors to acquire a legacy asset in one of Greater Boston’s most highly demanded submarkets,” said Matthew Pierce, first VP investments in Marcus & Millichap’s Boston office. “After generating strong interest, we secured a qualified buyer, handled the acquisition financing and closed just over a 3% cap rate.”
Pierce marketed the property on behalf of the seller Pine Realty Associates, and procured the buyer, a private investor.
Robert Damigella, managing director at MMCC, arranged the acquisition financing with a local credit union. Terms of the 10-year non-recourse loan include a 6.2% interest rate with 25-years amortization and a loan-to-value of 65%.
Built in 1950, Harvard Avenue Apartments at 48-50 Harvard Ave. offers studios and one-bedroom units, off-street parking, and onsite laundry. The three-section building is situated between Coolidge Corner and Brookline Village.
- ◦Sale/Acquisition
