Ownership Family Divests Value-Add Holbrook Apartments
Marcus & Millichap arranged the sale of Johns Avenue Apartments, a 34-unit apartment building in Holbrook, MA, for $7 million. Senior managing directors Tony Pepdjonovic and Evan Griffith represented the seller and procured the buyer.
“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 added, “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.”
3 Johns Ave. in Holbrook is located directly on the Braintree line. Built in 1965, the property includes four studios and 30 one-bedroom apartments, along with off-street parking.
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