Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 497 Broadway and 205 Federal Street, both located in Providence, RI. According to John Horowitz, regional manager of the firm’s Boston office, the assets sold for an aggregate value of $2,216,000.

Matthew Pierce and Harry Verenis, investment specialists in Marcus & Millichap’s Boston office, had the exclusive listings to market the properties on behalf of the sellers, private investors. The buyers were also secured and represented by Pierce and Verenis.

497 Broadway is a 12-unit apartment property located in the prominent Federal Hill neighborhood of Providence, RI. “This was an exciting deal, being one of the largest privately-owned multifamily assets on Federal Hill; especially on Broadway. The sellers had owned the property since 2003 and had renovated about 50 percent of the units” said Pierce. “We went under contract, before any showings, with another client who was in a 1031 exchange, looking to acquire other assets in the area.” Pierce added. “Although we were under agreement in just a couple weeks, this deal attracted buyers from all over, especially out of state capital” said Verenis, “the higher yields, coupled with the universities, restaurants, businesses and culture, are really driving the market in Providence and our investors from other parts of the country are starting to recognize that”.

Additionally, both Pierce and Verenis closed a three-unit apartment building located at 205 Federal Street. The building sold for $496,000, closing at 99% of the asking price. The Seller was a private investor looking to sell the building after owning for several years. Pierce and Verenis represented the buyer as well who was a private, first time investor.

About Marcus & Millichap (NYSE: MMI)

With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.