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Grossman Buys Medford-Somerville Portfolio for $23.3M

Jan 12, 2021 | Reprints | Unlock Link | Print

Sherborn Court apartments Medford

The Grossman Companies of Quincy has acquired a Medford and Somerville apartment portfolio for $23.3 million from longtime family owners.

The transaction includes the Sherborn Court Apartments in Medford and 124 Summer St. in Somerville. The sales price works out to nearly $307,000 per unit.

Colliers International’s New England multifamily advisory group led by Christopher Sower represented the sellers, who have owned the properties since the 1970s. The portfolio attracted substantial interest because of its potential for capital improvements and proximity to the MBTA Green Line Extension, Colliers said in a statement.

The portfolio includes five buildings and 76 units.

B&T Daily