Marcus & Millichap closed the sale of Roosevelt Apartments, a 73-unit apartment building in downtown New Bedford’s historic district. The sale price was $8,675,000.
“The Roosevelt Apartments has a rich history in New Bedford, and we were excited to assist the sellers with this unique assignment,” said Tony Pepdjonovic, senior managing director. “The winning bidder was drawn to the property because of its location in the coveted Historic Waterfront District, which continues to undergo significant revitalization, and they are excited to do their part through building improvements.”
Added senior managing director Evan Griffith, “This 73-unit asset presented a compelling value-add opportunity of scale that attracted investment capital from Boston, Rhode Island, and Connecticut, many of which have no holdings in the New Bedford area.” Griffith and Pepdjonovic marketed the property on behalf of the seller, a New Jersey-based family office, and procured the buyer.
Built in 1924, the Roosevelt is located at 415 County St., a mile from the recently opened New Bedford commuter rail station with direct connection to Boston.
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