HOLBROOK, Mass.— The Griffith Pepdjonovic Group of Marcus & Millichap has announced the $7 million sale of Johns Avenue Apartments, a 34-unit multifamily property located just south of Boston in Holbrook, Massachusetts.
The deal highlights continued investor appetite for mid-sized multifamily assets in Greater Boston’s tight housing market.
Senior Managing Directors Tony Pepdjonovic and Evan Griffith represented the longtime owners of the property and also procured the buyer. According to Pepdjonovic, the listing drew significant attention from investors due to limited inventory in the 12- to 75-unit range.
“There is a significant lack of multifamily inventory south of Boston, particularly in the 12- to 75-unit space, which continues to fuel investor demand as these properties hit the open market,” said Pepdjonovic. “This was another very competitive marketing process, which resulted in seven offers for the selling family, who had owned the property since 1988.”
Griffith noted the property’s strong potential for repositioning. “This was a prime value-add example, as the average rent was $1,205, and the buyer is already underway with major renovations to both the apartments and the property grounds,” he said.
Located at 3 Johns Avenue on the Braintree town line, the 26,164-square-foot building sits on a 0.98-acre lot and includes 52 off-street parking spaces. Built in 1965, the three-story complex comprises four studios and 30 one-bedroom units. It offers walkable access to local amenities and is just a five-minute drive from the Holbrook/Randolph MBTA commuter rail station, providing convenient connections to downtown Boston and surrounding employment hubs.
With the Greater Boston multifamily market facing persistent supply constraints, value-add assets like Johns Avenue Apartments remain highly sought-after by investors seeking long-term upside through renovation and repositioning strategies.
