"As far as the market goes, we're definitely seeing a flight tomore quality locations," Carl Christie of NAI Hunneman tellsGlobeSt.com. "For instance, we sold a building on Bay State Roadthat was 19-units, and that sold for a 4% cap rate, which is prettylow. But they aren't making any more buildings on bay state road,so it commands a good price." The property sold for $5 million, aspreviously reported by GlobeSt.com.

A 21-unit apartment building, 333 Harvard St., sold recently toStephen Wolfberg for $5.28 million. The property is a 28,895-sf,four-story building with five single-bedroom units and 16two-bedroom units. The vacant building was formerly occupied byWeston Jesuit School of Theology as a student residence. The schoolis merging with Boston College as part of their theologicalprogram, earning the new moniker: the Ecclesiastical Faculty atBoston College. Dan McGee and Christie of NAI Hunneman brokeredthis deal for the seller and procured the buyer.

"The Harvard Street deal sold at a 6% cap rate," Christieexplains, "which is still a pretty aggressive cap rate in relationto a pretty good price in this market." He points to its locationin Cambridge as to its favorable price. "It is walking distance toHarvard Square, and walking distance to Central Square."

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