The Griffith Pepdjonovic Group of Marcus & Millichap arranges $2.4 million multifamily sale

Quincy, MA Marcus & Millichap has completed the sale of The Residences at Des Moines Rd., a seven-unit multifamily property. The asset sold for $2.4 million.

“13-21 Des Moines was built in 2005 and features expansive layouts, central air conditioning, separated utilities including water, and 2 parking spots per unit making it an excellent buy-and-hold rental or future condominium-exit play,” said Tony Pepdjonovic, senior managing director in Marcus & Millichap’s Boston office. 

“This is a truly unique building that brought about tremendous interest from the opening launch. We had multiple offers and went under agreement to an all-cash 1031-exchange buyer,” said Evan Griffith, senior managing director.

Pepdjonovic and Griffith of Marcus & Millichap exclusively marketed the property on behalf of the sellers who originally developed the property.

Located at 13-21 Des Moines Rd., The Residences at Des Moines Rd. consists of a 9,640 s/f building on a 0.32-acre lot with on-site parking. The four-story property was built in 2005 and includes seven units: six two-bedroom apartments and one four-bedroom penthouse.

The property is situated in the Quincy Point community convenient to public train and bus transit as well as downtown Quincy Center.