Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Washington Park Apartments, a 48-unit apartment property located in Gardner, MA, according to Tim B. Thompson, regional manager of the firm’s Boston office. The asset sold for $3,600,000.

Matthew Pierce, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Pierce

Washington Park Apartments is located at 61 W Broadway in Gardner, MA. “The Sellers had owned the asset for approximately ten years and since their acquisition, they have meticulously managed and maintained the buildings. We went to market with a strong, turn-key investment opportunity with little to no deferred maintenance” said Pierce. “The investment yielded strong results for the sellers to position them well for their next investment opportunity, while at the same time offered the out of state buyers tremendous upside as the in-place rent roll was approximately 20% below market rates.” Pierce adds. The asset sold for 96% of the asking price at a 7.3% capitalization rate.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com