Methuen Sale Illustrates Multifamily Demand in Merrimack Valley
Marcus & Millichap arranged the sale of Ashton Place Apartments, a 30-unit multifamily property located at 11 Ashton Pl. in Methuen, MA. The property sold for $7.1 million.
“The Merrimack Valley multifamily market continues to have strong demand from investors throughout the region,” said Evan Griffith, senior managing director. “High occupancy and limited new supply in the workforce housing segment make these assets highly desirable.”
Added senior managing director Tony Pepdjonovic, “This property was gut renovated several years ago after a fire and rebuilt with modern layouts and finishes. It is no surprise that we had more than 30 property tours throughout the marketing process. The buyer was thrilled to add this turnkey property to their portfolio.”
Griffith and Pepdjonovic represented the seller and procured the buyer. Robert Bhat of Marcus & Marcus & Millichap Capital Corporation secured $5 million in agency financing for the buyer.
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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