B
oston-based Marcus & Millichap (NYSE: MMI) recently announced the sale of 97 Spring St., a 32-unit apartment property in West Roxbury, for $9,075,000.

    Senior Vice Presidents Evan Griffith and Tony Pepdjonovic led the exclusive listing to market the property on behalf of the seller and secured the buyer. According to Pepdjonovic, "This deal was highly competitive from the start, with 11 qualified bids received during the call for offers." He notes that mid-sized value-add apartment buildings continue to fetch record prices despite rising interest rates.

    The Spring Street Apartments, built in 1965, feature a mix of unit types including two-bedroom, one-bath units; one-bedroom, one-bath units; and studios. The property is located near public transportation and amenities such as a shopping plaza. With only a dozen properties like it in the area, West Roxbury's tight rental market presents an attractive opportunity for the buyer, according to Griffith.