Griffith and Pepdjonovic of Marcus & Millichap broker $20.5 million sale of Mystic Grove Apartments

Arlington, MA Marcus & Millichap completed the sale of Mystic Grove Apartments, a 60-unit apartment complex. The property sold for $20.5 million, or $341,667 per unit.

“The acquisition of Mystic Grove Apartments presents the buyer with a unique opportunity to continue prior ownership’s modern interior renovation business plan and increase revenue across all 60 units,” said Evan Griffith, senior managing director. 

“With direct Massachusetts Bay Transportation Authority bus access and a sought-after Arlington location that sits on Massachusetts Ave. across the street from the brand-new Arlington High School, the property will sustain strong rental demand and long-term value appreciation,” said Tony Pepdjonovic, senior managing director. 

Griffith and Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer.

The apartment complex is close to CVS, Whole Foods, and the Capitol Theatre Building. Residents enjoy nearby outdoor escapes at Mystic Pond, Spy Pond, and Menotomy Rocks Park.

Constructed between 1925 and 1963, Mystic Grove Apartments consists of three buildings on contiguous parcels. The unit mix includes commercial, studio, one-bedroom, two-bedroom, and four-bedroom units. Apartments have spacious layouts, large bedrooms, and elevator access. Renovated units have new kitchen cabinets, stainless steel appliances, updated bathrooms, and new fixtures. Community amenities include a new fitness center, laundry facilities, and ample off-street parking.