Pine Realty Associates Sells 24-Unit Multifamily Property In Brookline For $10 Million

The transaction involved the sale of a multifamily property located at 48-50 Harvard Avenue in Brookline, MA. The sale price for the 24-unit asset was $10,000,000, resulting in a price per unit of $416,667. This property was sold at just over a 3% cap rate.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $10,000,000
• Units: 24
• Seller: Pine Realty Associates
• Broker: Matthew Pierce - Marcus & Millichap
• Mortgage Broker: Robert Damigella - MMCC
• PPU: $416,667

Marcus & Millichap facilitated the sale of the Harvard Avenue Apartments, while Marcus & Millichap Capital Corporation arranged $3.25M in acquisition financing, which featured a 6.2% interest rate and 25-year amortization.