Arlington, MA Marcus & Millichap completed the sale of 840 & 846 Massachusetts Ave., a 61-unit apartment complex. The asset sold for $16 million.

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 located near Arlington Center which attracts high traffic due to its wide variety of shops, restaurants and entertainment.

Griffith said, “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” said 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.”