Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Legacy Place Apartments, a 104-unit apartment property located in Lawrence, Massachusetts. The asset sold for $21.5 million.
Laurie Ann “L.A.” Drinkwater, CCIM, Seth J. Richard, and Matthew Pierce, investment specialists in Marcus & Millichap’s Boston and Manhattan offices, had the exclusive listing to market the property on behalf of the seller and secured the regional buyer.
“The work that the owners put into operating this property, along with the strength of the location was more than enough to overcome the shifting interest rate and market dynamics and secure a strong sales price,” said Drinkwater, senior vice president investments.
“Legacy Place Apartments includes five buildings on 3.32 acres,” said Pierce, first vice president investments. “The property features controlled-access buildings, ample resident parking, additional storage space available for rent, and an elevator in the main building. The mix of townhouses and traditional apartments along with the location near the highway and hospital make this a unique property, which is reflected by the high level of investor interest and the asset’s historically high occupancy.”
Legacy Place Apartments is located at 112 Marston St., off Highway 495 and near the Lawrence Municipal Airport.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2022, the company had 1,904 investment sales and financing professionals in 81 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com.
