4236 Washington St., Boston4236 Washington St., Boston

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BOSTON—A joint venture of Marcus Partners and the John M.Corcoran has acquired two multifamily properties here totaling 107units for $35.8 million.

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Boston-based Marcus and John M. Corcoran and Company ofBraintree, MA have purchased 1943 Dorchester Ave. in Dorchester and4236 Washington St. in Roslindale. The purchase marked Marcus'first residential investment in Boston's urban core, and the finalinvestments purchased on behalf of Marcus Capital Partners Fund II,LP. Both properties will be owned and managed by Marcus Partnersand John M. Corcoran.

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"This investment represents a unique opportunity to acquirenewly constructed assets at a discount to today's replacement cost.Rising construction costs that are making new construction moredifficult to pencil, combined with continued job growth that isfurther driving demand, has created an attractive supply/demanddynamic for owners of apartment buildings in our market," says RyanMcDonough, Marcus Partners' Boston regional director.

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The two-property portfolio purchase is the second projectbetween Marcus and Corcoran. The two firms also partnered on "TheResidences at 1500 Main Street" in Weymouth, MA. The firms expectto deliver the first residences of the 237 unit-developmentstarting in October 2020.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.