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Marcus Partners Makes First Apartment Buy in Boston’s Urban Core
Marcus Partners has acquired 1943 Dorchester Ave. and 4236 Washington St. in Boston for $35.8 million, representing the locally-based investment firm’s first residential investment in the city’s urban core. Totaling 107 units, the two buildings will be owned and managed in a joint venture with John M. Corcoran and Company.
The properties are located in Dorchester and Roslindale, two emerging Boston neighborhoods that offer access to public transportation and walkable neighborhood amenities. Marcus says they appeal to renters seeking newer Class A rental product in an urban setting at an attractive discount to downtown rental rates.
“This investment represents a unique opportunity to acquire newly-constructed assets at a discount to today’s replacement cost,” said Ryan McDonough, Marcus Partners’ Boston regional director. He added that the portfolio offers “significant opportunity for improvement by adding the expert management and local leasing presence of Corcoran’s affiliate, Corcoran Management Company.”
Pictured: 4236 Washington St.
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- ◦Sale/Acquisition
