Marcus-John Corcoran JV Acquire Two Apartment Properties for $35.8M
Boston-based Marcus and John M. Corcoran and Company of Braintree, MA have purchased 1943 Dorchester Ave. in Dorchester and 4236 Washington St. in Roslindale.
BOSTON—A joint venture of Marcus Partners and the John M. Corcoran has acquired two multifamily properties here totaling 107 units for $35.8 million.
Boston-based Marcus and John M. Corcoran and Company of Braintree, MA have purchased 1943 Dorchester Ave. in Dorchester and 4236 Washington St. in Roslindale. The purchase marked Marcus’ first residential investment in Boston’s urban core, and the final investments purchased on behalf of Marcus Capital Partners Fund II, LP. Both properties will be owned and managed by Marcus Partners and John M. Corcoran.
“This investment represents a unique opportunity to acquire newly constructed assets at a discount to today’s replacement cost. Rising construction costs that are making new construction more difficult to pencil, combined with continued job growth that is further driving demand, has created an attractive supply/demand dynamic for owners of apartment buildings in our market,” says Ryan McDonough, Marcus Partners’ Boston regional director.
The two-property portfolio purchase is the second project between Marcus and Corcoran. The two firms also partnered on “The Residences at 1500 Main Street” in Weymouth, MA. The firms expect to deliver the first residences of the 237 unit-development starting in October 2020.