"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.

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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.

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"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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Christie points to a few deal NAI Hunneman is bring to market,as examples of this location value. A rare 90-unit property inArlington on Mass Avenue is asking for $14.5 million and 31-35South St.--a 34-unit property in Brighton--which is asking $8million.

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"You know, markets like Cambridge or Downtown Boston or Back Bayor Newton," Christie explains. "That's where you're stillcommanding top dollar. Markets outside greater Boston, outside 128or 495, have softened a bit. Cap rates have increased. That's justsort of the reality."

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