Marcus & Millichap Inc.
10/09/2024 | Press release | Archived content
Marcus & Millichap Brokers $4 Million Sale of Multifamily Portfolio in Dorchester
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Marcus & Millichap Brokers $4 Million Sale of Multifamily Portfolio in Dorchester
October 09, 2024
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BOSTON, Oct. 9, 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 the Fuller Street Portfolio, a 12-unit multifamily portfolio in the Dorchester neighborhood of Boston, for $3,995,000.
The portfolio, located at 46-48 and 301-305 Fuller St. in Dorchester, is comprised of two six-unit buildings and a vacant buildable lot. The properties feature spacious layouts, separately metered heat and electricity, ample off-street parking, and on-site laundry. Griffith and Pepdjonovic exclusively marketed the properties on behalf of the seller and procured the buyer, both private investors. This marks the sixth sale in Dorchester for the duo in the last 60 days, adding to their record market share throughout Boston's neighborhoods.
"The properties were very well-maintained for over two decades, and the pride of ownership was key to the success we saw during the marketing process. We were on the market for less than a week and ultimately closed the deal for $20,000 over the asking price with no contingencies," said Tony Pepdjonovic, senior vice president. "The real bonus to this opportunity was the vacant buildable lot at 305 Fuller St., which made this portfolio a rare find for an investor seeking both immediate returns and long-term potential," added Evan Griffith, senior vice president investments.
The portfolio, located at 46-48 and 301-305 Fuller St. in Dorchester, is comprised of two six-unit buildings and a vacant buildable lot. The properties feature spacious layouts, separately metered heat and electricity, ample off-street parking, and on-site laundry. Griffith and Pepdjonovic exclusively marketed the properties on behalf of the seller and procured the buyer, both private investors. This marks the sixth sale in Dorchester for the duo in the last 60 days, adding to their record market share throughout Boston's neighborhoods.
"The properties were very well-maintained for over two decades, and the pride of ownership was key to the success we saw during the marketing process. We were on the market for less than a week and ultimately closed the deal for $20,000 over the asking price with no contingencies," said Tony Pepdjonovic, senior vice president. "The real bonus to this opportunity was the vacant buildable lot at 305 Fuller St., which made this portfolio a rare find for an investor seeking both immediate returns and long-term potential," added Evan Griffith, senior vice president investments.
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About Marcus & Millichap, Inc. (NYSE: MMI)
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.