Cambridge, December 22, 2025
A significant sale in Cambridge’s Central Square highlights the strength of the local real estate market, particularly in the multifamily sector. The $53.6 million transaction for 929 MASS, arranged by Walker & Dunlop, reflects investor confidence in the area’s economic vitality. The mixed-use property features 127 residential units and commercial space, embodying the ongoing demand for housing in proximity to educational institutions like Harvard and MIT. This deal underscores the importance of private investment in enhancing urban communities and meeting the evolving needs of residents.
Cambridge, MA
Cambridge Multifamily Asset Sale Highlights Robust Local Investment
A recent significant transaction in Cambridge’s Central Square underscores the enduring strength and appeal of the local real estate market, particularly within the multifamily sector. This deal reflects the continued confidence of investors in the economic vitality of Massachusetts, driven by strategic private investment and a keen understanding of regional demand dynamics.
The successful sale and financing of a prominent mixed-use property demonstrate how entrepreneurial vision, coupled with efficient capital allocation, contributes to the ongoing development and enhancement of urban communities. Such transactions not only stimulate economic activity but also facilitate crucial housing solutions in highly sought-after areas, addressing the evolving needs of residents and professionals alike in one of the nation’s most dynamic economic hubs.
Strategic Acquisition in Central Square
Walker & Dunlop Capital Markets recently arranged the sale and financing of 929 MASS, a notable mixed-use, two-building property situated in Central Square, Cambridge, Massachusetts. This significant transaction, valued at $53.6 million, involved an institutional seller and the buyer, John M Corcoran & Company (JMC). Concurrently, Walker & Dunlop also secured $37.1 million in acquisition financing for JMC, structured as a fixed-rate, interest-only Fannie Mae loan.
The property, 929 MASS, is a substantial asset, featuring an 18-story tower with 96 residential units and 12,451 square feet of commercial space, complemented by 71 garage parking spaces and 40 surface parking spaces. A contiguous 5-story building adds another 31 residential units, bringing the total to 127 units. This strategic location in Central Square places it advantageously close to major educational institutions, including Harvard University and Massachusetts Institute of Technology, and offers convenient train access to Boston’s Financial District and Seaport.
Fostering Innovation Through Private Investment
The collaboration between John M Corcoran & Company and Stars REI, a global privately held company with real estate holdings in the U.S. and U.K., exemplifies the power of private partnerships in driving local economic growth. JMC has partnered with Stars REI to provide property and asset management services, with plans to implement physical enhancements to the property. This commitment to upgrades is intended to elevate the experience for tenants, showcasing a dedication to quality and long-term value creation. Such investments are crucial for maintaining Boston’s reputation as a hub for innovation and desirable living.
Market Dynamics and Resilience in Cambridge
The Cambridge multifamily market exhibits unique characteristics that make it particularly resilient. The region’s sustained growth in office, education, and lab sectors continues to outpace the availability of housing, creating a robust demand environment. Furthermore, the increasing costs associated with new multifamily development have led to constraints, positioning existing high-quality assets like 929 MASS to meet this unmet demand effectively.
Cambridge’s Multifamily Landscape in 2023
In 2023, the Cambridge multifamily sector experienced notable trends. The number of multifamily homes listed for sale in Cambridge saw a 26% decrease, totaling only 98 listings, marking the second-lowest number since 2009. Despite this reduction in inventory, the average sale price for multifamily homes in Cambridge experienced a slight decrease of 3% in 2023, with a 0.5% decrease over the past five years. The median sale price for a multifamily home in Cambridge in 2023 was $1,805,000. Overall, there were only 66 multifamily sales in Cambridge throughout 2023. Currently, multifamily homes for sale in Cambridge typically remain on the market for 43 days and usually receive one offer.
Walker & Dunlop’s Broader Impact
The involvement of Walker & Dunlop in this Cambridge transaction reflects its broader role in the commercial real estate finance and advisory sector. Walker & Dunlop is recognized as one of the largest firms of its kind in the United States and internationally, and a leading provider of capital to the U.S. multifamily market. Their extensive reach is evident in their performance, having originated over $30 billion in debt financing volume in 2024, with more than $25 billion specifically allocated to multifamily properties (Nationwide scope). Since 2021, the firm has also completed over $57 billion in property sales volume (Nationwide scope).
The multifamily property sector across the nation experienced its second-best annual sales volume in 2022, despite the challenges posed by rising borrowing costs and pricing uncertainty (Nationwide scope). [cite: 0 in initial prompt] This highlights the resilience of the sector as a whole, a trend that local initiatives in Boston MA business continue to exemplify. Furthermore, professionals like Erik Hoffman contribute to the market by focusing exclusively on financing affordable multifamily housing (Nationwide scope), underscoring the diverse needs met by Massachusettes entrepreneurs and national finance partners. [cite: 0 in initial prompt]
Looking Ahead for Boston Small Business and Economy
This Cambridge transaction serves as a positive indicator for the broader Boston small business and economic landscape. It illustrates how strategic investments in key urban areas, driven by private sector expertise and capital, can lead to sustainable growth and improved community infrastructure. The commitment to enhancing existing properties, rather than solely focusing on new development, also speaks to a prudent and resource-efficient approach to urban development. As Massachusettes entrepreneurs continue to innovate and invest, the region’s economic foundation strengthens, offering a compelling environment for both residents and businesses.
Supporting local businesses and staying engaged in Boston’s economic future are vital for this continued success. These private sector-led initiatives contribute significantly to job creation and economic stability, showcasing the enduring spirit of entrepreneurial innovation that defines our community.
Frequently Asked Questions
What was the property involved in the recent Cambridge transaction?
The property involved was 929 MASS, a mixed-use, two-building property located in Central Square, Cambridge, Massachusetts.
Who arranged the sale and financing for 929 MASS?
Walker & Dunlop Capital Markets arranged both the sale and financing for 929 MASS.
What was the sale price of 929 MASS?
The sale price of 929 MASS was $53.6 million.
Who was the buyer of the 929 MASS property?
The buyer of the 929 MASS property was John M Corcoran & Company (JMC).
What was the amount of financing secured for the acquisition?
A $37.1 million fixed-rate, interest-only Fannie Mae loan was secured for the acquisition.
What are the key features of the 929 MASS property?
The 929 MASS property includes an 18-story tower with 96 residential units, 12,451 square feet of commercial space, 71 garage parking spaces, and 40 surface parking spaces, along with a contiguous 5-story building comprising 31 units.
What was the trend for multifamily listings in Cambridge in 2023?
In 2023, the number of Multi-Family homes listed for sale in Cambridge decreased by 26% to 98 listings, which was the second-lowest number since 2009.
How much debt financing volume did Walker & Dunlop originate for multifamily properties in 2024?
Walker & Dunlop originated over $25 billion in debt financing volume for multifamily properties in 2024 (Nationwide scope).
Key Features of the 929 MASS Transaction and Cambridge Multifamily Market
| Feature | Detail | Scope |
|---|---|---|
| Property Name | 929 MASS | Local |
| Location | Central Square, Cambridge, Massachusetts | Local |
| Transaction Type | Sale and Financing | Local |
| Sale Price | $53.6 million | Local |
| Buyer | John M Corcoran & Company (JMC) | Local |
| Financing Secured | $37.1 million fixed-rate, interest-only Fannie Mae loan | Local |
| Total Residential Units | 127 units (96 in tower, 31 in contiguous building) | Local |
| Commercial Space | 12,451 square feet | Local |
| Multifamily Listings Decrease (Cambridge, 2023) | 26% decrease to 98 listings (second-lowest since 2009) | State-level |
| Multifamily Average Sale Price Change (Cambridge, 2023) | 3% decrease | State-level |
| Walker & Dunlop 2024 Multifamily Debt Financing Volume | Over $25 billion | Nationwide |
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