Marcus & Millichap recently facilitated the sale of a mixed-use portfolio in Southbridge and Worcester, MA. The 196-unit portfolio, consisting of 33 buildings, was sold for $18.9 million.
According to Matthew Pierce, first VP of investments at Marcus & Millichap’s Boston office, the seller had been in business for over three decades and decided to sell both portfolios together. After marketing the property on behalf of the local private investor seller, Pierce successfully procured a buyer – a private LLC interested in acquiring the entire portfolio.
The Southbridge portion of the portfolio includes 157 apartment units spread across 26 properties while Worcester has 37 apartments and two retail units across seven properties.
Overall this transaction highlights strong interest from investors in suburban Massachusetts markets as they continue to seek out opportunities with solid potential returns.
