Marcus & Millichap recently completed the sale of Bennington Arms, a 28-unit multifamily property situated at 720 Bennnigton St. in East Boston, MA, for a total of $7.3 million. The identities of the buyer and seller have not been disclosed.
“Bennington Arms offers a unique opportunity to acquire a partially renovated 28-unit property, with the potential for significant returns through strategic upgrades to the remaining units and common areas,” stated Evan Griffith, Senior Vice President of Investments.
Evan Griffith and Tony Pepdjonovic, Senior Vice Presidents of the Griffith Pepdjonovic Group at Marcus & Millichap, were responsible for marketing the property on behalf of the seller and successfully securing the buyer.
“We are witnessing a substantial influx of capital for new development in the Orient Heights neighborhood and the surrounding areas near the former Suffolk Downs site,” commented Tony Pepdjonovic. “As the market evolves, the buyer stands to benefit greatly, similar to the transformation observed in the waterfront regions of East Boston.”
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I’m really impressed with how Griffith Pepdjonovic Group managed to identify and unlock such a lucrative real estate transaction in East Boston. They definitely have an eye for spotting profitable opportunities. It makes me wonder, what are some common characteristics they look for when evaluating potential deals in different markets?