M
arcus & Millichap has announced the $6.65 million sale of Ellery Apartments, a 14-unit multifamily property in Cambridge's historic Harvard Square neighborhood. The transaction marks the first change in ownership for the property in over four decades.

    Built in 1880, the three-story brick building features a mix of one-bedroom and studio units on a 0.25-acre lot, with nine off-street parking spaces—a rare amenity in this densely populated area. According to Evan Griffith, Senior Managing Director of Investments at Marcus & Millichap, "This trophy asset represents a rare investment opportunity in one of Cambridge's most prestigious neighborhoods."

    Griffith and Tony Pepdjonovic, fellow Senior Managing Director, represented the seller and secured the buyer. The new owner plans to capitalize on recent zoning changes by expanding the structure and converting the site into 20 high-end condominiums. "This is a perfect example of smart reinvestment in a core location," said Pepdjonovic.

    Ellery Apartments' prime location near Harvard University, public transportation, and cultural institutions makes it an attractive investment opportunity with long-term potential and redevelopment possibilities. The sale highlights ongoing investor interest in centrally located properties that can benefit from zoning reforms opening up more intensive residential uses in historically low-density neighborhoods.