**Harvard Square Apartments Sold for $6.65M, Set for Condo Conversion**
The Griffith Pepdjonovic Group at Marcus & Millichap has announced the sale of the Ellery Apartments, a 14-unit multifamily property located at 84-86 Ellery Street in Cambridge, Massachusetts. The property was sold for $6,650,000. Positioned within walking distance of Harvard University and the Harvard MBTA station, the building is considered a prime asset in the heart of Harvard Square.
“Situated in the heart of Harvard Square, this trophy asset sold for the first time in over 40 years and represents a rare investment opportunity in one of Cambridge’s most prestigious neighborhoods,” said Evan Griffith, Senior Managing Director of Investments at Marcus & Millichap. “We continue to see strong investor demand in prime locations with high barriers to entry.”
Tony Pepdjonovic, also a Senior Managing Director of Investments, added, “We’re excited to watch the transformation of this building and parcel, as the buyer plans to take advantage of the new Cambridge zoning changes by expanding the footprint of the structure and developing 20 high-end condominiums.”
Griffith and Pepdjonovic exclusively marketed the property on behalf of a private family seller and also procured the buyer. Originally constructed in 1880, the three-story brick building sits on a 0.25-acre lot and includes nine off-street parking spaces.
The sale and planned redevelopment reflect the ongoing demand for luxury residential living in central Cambridge and the investment potential spurred by recent zoning reforms.
