Pepdjonovic of Marcus & Millichap completes $2.075 million sale of Safford Street Apartments

Safford Street Apartments, 66 and 70 Safford Street - Quincy, MA

Quincy, MA Marcus & Millichap completed the sale of Safford Street Apartments, a 16-unit apartment property, according to Tim Thompson, sales manager of the firm’s Boston office. The asset sold for $2.075 million.

Marcus & Millichap" width="150" height="150" /> Tony Pepdjonovic, Marcus & Millichap

Tony Pepdjonovic, an investment specialist in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was procured by Pepdjonovic.

The Safford Street Apartments are located at 66 and 70 Safford St. The offering is comprised of two identical eight-unit buildings located in one of the most desirable rental neighborhoods in the city. Each building consists of eight one-bedroom apartments.

Newer upgrades to the building include vinyl-siding, replacement windows, and roof work. The Safford Street Apartments provide the buyer tremendous upside as the property is 30% below market level rents.

The offering provides even further upside in separately metering heating costs to be borne by tenants. 66 and 70 Safford St. is in an excellent commuter location within walking distance (0.4 miles) to North Quincy Station - MBTA - Red Line. The properties are also convenient to Heritage and Enterprise Dr. office parks which are home to major employers such as State Street Bank, Granite Telecommunications, Blue Cross Blue Shield of Mass., and Propel Marketing.

With the $2 billion redevelopment of Quincy Center back on track, investors are increasingly bullish on the long-term outlook of the Quincy rental market.

With over 1,500 investment 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 7,600 transactions in 2014 with a value of approximately $33.1 billion. The company 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.