Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 840 & 846 Massachusetts Avenue, a 61 unit apartment complex in Arlington, MA. The asset sold for $16,000,000.
Evan Griffith, First Vice President Investments, and Tony Pepdjonovic, Vice President Investments, in Marcus & Millichap’s Boston office, represented the Seller, a private family and procured the Buyer, a limited liability company.
The property is ideally located just a short walk from Arlington Center which attracts high traffic due to its wide variety of shops, restaurants and entertainment.
According to Griffith, “Larger apartment buildings only come to market every several years in highly desirable towns such as Arlington. The Seller’s family purchased the property decades ago and this is the first time the asset has traded hands since the Nixon Administration. The barriers of entry to this submarket make this generational asset a prized possession for active multi-family investors.”
“Arlington is one of the most desirable towns in Massachusetts to live in as residents enjoy one of the premier public school systems and easy access to downtown Boston” adds Pepdjonovic. “This is an ideal renter’s location with a public bus stop on the corner of the premises and within walking distance to Whole Foods, CVS, Stop&Shop, as well as across the street from Arlington High School. We are excited to see what the new owner has in store for this property as they update it to modern standards.”
About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 over 9,000 transactions in 2017 with a value of approximately $42.2 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
