The Griffith Pepdjonovic Group at Marcus & Millichap closed the sale of Ellery Apartments, a 14-unit multifamily property located at 84-86 Ellery St. in Cambridge, MA, for $6,650,000. The property is within walking distance of Harvard University and the Harvard MBTA station.
“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 investments. “We continue to see strong investor demand in prime locations with high barriers to entry.”
Added Tony Pepdjonovic, senior managing director investments, “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 the seller, a private family, and procured the buyer. Originally built in 1880, the three-story brick building sits on a 0.25-acre lot and offers nine off-street parking spaces.
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