Attleboro Apartments Trade as “Unique Value-Add Opportunity”
Marcus & Millichap closed the $5.6-million sale of the Elizabeth Court Apartments, a 26-unit multifamily property located in Attleboro, MA. Senior managing directors Evan Griffith and Tony Pepdjonovic represented the seller and procured the buyer.
“Elizabeth Court was a unique value-add opportunity, as the apartments and property were well maintained by the sellers, yet their rents were significantly below market,” said Pepdjonovic. “The buyer can drastically increase income with minimal capital investment through a more aggressive management strategy.”
Griffith added, “We were also able to achieve full asking price with no contingencies, showing how strong the market fundamentals remain in the suburbs.”
Built in 1976, Elizabeth Court is located on Elizabeth and State Street in downtown Attleboro. The unit mix is 20 two-bedroom apartments and six one-bedroom apartments, along with 32 off-street parking spaces. It’s located near Interstate 95 and within walking distance of the MBTA Attleboro Station, Capron Park and downtown retail and dining.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout