Evan Griffith and Tony Pepdjonovic, Senior Vice Presidents at Marcus & Millichap’s Boston office, successfully facilitated the sale of 97 Spring St., a 32-unit apartment property located in the West Roxbury neighborhood of Boston. The property was sold for $9,075,000.
Griffith and Pepdjonovic represented the seller and secured a buyer for this highly sought-after asset. According to Pepdjonovic, there were 11 qualified bids received during the call for offers due to their effective marketing strategies. Despite rising interest rates, mid-sized value-add apartment buildings like this one continue to command record prices.
Built in 1965 and owned by one family for over five decades, the Spring Street Apartments offer units that are currently outdated but have great potential. As Griffith noted: “West Roxbury has only a limited number of properties with similar size and age as this one.” This means that buyers can expect strong rental demand in an already thriving market.
