Cambridge Apartments Across from Harvard Fetch $655K Per Unit
Marcus & Millichap closed the sale of 23-25 Hammond St., a 10-unit multifamily property in Cambridge, MA. The asset sold for $6,550,000 in its first time on the market in more than a century.
Senior managing directors Evan Griffith and Tony Pepdjonovic of Marcus & Millichap exclusively marketed the property on behalf of the seller and procured the private buyer. “Located directly across from Harvard University in the highly sought-after Agassiz neighborhood, this property benefits from exceptional access to amenities and transit, which drives strong rental demand from students and faculty,” said Pepdjonovic. Griffith cited the “significant value-add potential,” of the property.
Built in 1925, the building spans more than 13,000 square feet and includes five off-street parking spaces. The unit mix includes one-, two- and five-bedroom apartments, with demand supported by its proximity to a major academic institution as well as surrounding retail, dining and transit.
Other News
RK Investors Lands $81M Construction Loan for 299-Unit Charlotte Rental Community
An RK Investors-led team obtained an $81 million construction loan for Sutherland at Piper Glen, a 299-unit multifamily development underway in Charlotte’s Piper Glen neighborhood. The financing was provided by Western-Southern Life Insurance Company. The financing was arranged by Nate Sittema, Kristen Reilley and Elliott Voreis with CBRE’s Debt & Structured Finance team. Currently under...
Learn more
Pasadena Offices Sell for Residential Conversion
NAI Capital Commercial EVPs John S. Archibald and Guillermo Olaiz, alongside senior associate Stephen Lam of the Investment Services Group in the Pasadena office, represented the seller, Star Horizon, LLC, in the sale of ZK Plaza, a 41,586-square-foot office building in Pasadena. The property sold for $13,400,000, representing a 3.5% premium over asking. Located at...
Learn more
Berkadia Negotiates Student Housing Property Sale in Kansas
Berkadia announced the sale of Orchard Corners & Suites, a 139-unit, 264-bed, garden-style student housing property serving The University of Kansas in Lawrence, Kansas. Berkadia’s Student Housing and Kansas City investment sales teams collaborated to facilitate the transaction on behalf of the seller, Utah-based Redstone Residential. The Berkadia team included Senior Managing Directors Travis Prince...
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