Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of 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” stated 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 were busy at 36-40 Bigelow Street as they 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” proclaimed Griffith.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
