Marcus & Millichap : Brokers $5.3 Million Sale of Dorchester Multifamily Property

BOSTON, April 8, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 20-unit multifamily property in Dorchester, Massachusetts, for $5,296,345.

"Value-add workforce housing investment opportunities keep outperforming in the marketplace despite the headwinds from a rising interest rate environment," said Evan Griffith, senior vice president investments.

Griffith and Tony Pepdjonovic of Marcus & Millichap's Griffith Pepdjonovic Group had the exclusive listing to market the property on behalf of the Seller and procured the Buyer.

"Dorchester is one of the strongest rental markets in the city with limited new supply and robust demand due to affordability and proximity to the city. We have seen strong consistent rent growth in this submarket and historically low vacancy," adds Tony Pepdjonovic, senior vice president investments.

The 21,410-square-foot multifamily building is at 820-828 Blue Hill Ave. The four-story property comprises 20 units with a mix of one-, two-, and three-bedroom apartments. The property is near the Franklin Park Zoo and only 0.6 miles to the Talbot Ave. Commuter Rail station.

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Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.