Harvard Square Apartments to Undergo Condo Conversion Following Sale
The Griffith Pepdjonovic Group at Marcus & Millichap closed the sale of Ellery Apartments, a 14-unit multifamily property located at 84-86 Ellery St. in Cambridge, MA, for $6,650,000. The property is within walking distance of Harvard University and the Harvard MBTA station.
“Situated in the heart of Harvard Square, this trophy asset sold for the first time in over 40 years and represents a rare investment opportunity in one of Cambridge’s most prestigious neighborhoods,” said Evan Griffith, senior managing director investments. “We continue to see strong investor demand in prime locations with high barriers to entry.”
Added Tony Pepdjonovic, senior managing director investments, “We’re excited to watch the transformation of this building and parcel, as the buyer plans to take advantage of the new Cambridge zoning changes by expanding the footprint of the structure and developing 20 high-end condominiums.”
Griffith and Pepdjonovic exclusively marketed the property on behalf of the seller, a private family, and procured the buyer. Originally built in 1880, the three-story brick building sits on a 0.25-acre lot and offers nine off-street parking spaces.
Other News
Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap
Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...
Learn more
Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap
An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...
Learn more
Revere, MA Weighs 1,700-Unit Housing Project
The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout