Marcus & Millichap closed the sale of Shore Drive Apartments, a 71-unit multifamily property in Winthrop, MA, for $10,750,000. The property sustained fire damage last year, and detailed plans for reconstruction have been developed including the addition of 27 new units, bringing the total unit count to 98 upon completion. 

SVPs Evan Griffith and Tony Pepdjonovic and associate Will Sanborn at Marcus & Millichap’s Boston office marketed the property on behalf of the seller and procured the buyer. Located at 91 Veterans Rd., Shore Drive Apartments includes studio, one-, and two-bedroom apartments.

“Shore Drive Apartments presents a truly unique value-add opportunity for an investor to start with a blank canvas of 71 vacant units and an approved plan for 27 additional units on the same lot,” said Pepdjonovic.

Griffith added, “This property sale was the first deal over 50 units to trade in Winthrop in more than two decades, so it was no surprise we had 50 property tours and a flurry of offers. It is a prime Winthrop location, just 1.3 miles from downtown Boston, which ensures quick access to city amenities while providing a peaceful ocean view for residents.”