QUINCY, MA– Marcus & Millichap sold 36-40 Bigelow Street, a 13-unit apartment property located in Quincy, MA, according to John Horowitz, regional manager of the firm’s Boston office.
The asset sold for $2,415,000. Evan Griffith, First Vice President Investments and Tony Pepdjonovic, Vice President Investments, in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller and procured the buyer.
36-40 Bigelow Street is comprised entirely of 1 bedroom / 1 bathroom units and features off-street parking and on-site laundry for tenants. The property is located in Quincy Center less than a half-mile from the MBTA Station. Quincy Center is considered the transit hub of the city providing residents with MBTA Red line, Commuter Rail, and public bus service.
“The $1.6B revitalization of Downtown Quincy Center is quickly rounding into form attracting new residents by the hundreds with a vibrant mix of housing, dining, and entertainment options” said Pepdjonovic. “Absorption of the new housing product remains strong and the older class B and C apartment buildings continue to experience significant rent growth.” he added.
The Marcus & Millichap duo arranged 19 tours of the asset and collected 7 offers. “Competition was intense from the onset as transit-oriented, amenity-rich locations continue to be at the top of the investor wish list,” said Griffith.
