Quincy, MA Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, completed the sale of 81 Pond St., a 24-unit apartment property. The asset sold for $5.375 million.
Evan Griffith, first vice president investments, and Tony Pepdjonovic, senior associate, in Marcus & Millichap’s Boston office, had the exclusive listing to market the property on behalf of the seller, a private investor, and procured the buyer, a limited liability company.
“The Quincy multifamily market continues to thrive as the city undergoes one of the largest revitalization efforts anywhere in Massachusetts. The $1.6 billion redevelopment spans roughly 50 acres and offers a vibrant mix of housing, commercial space, and retail,” said Pepdjonovic.
81 Pond St., constructed in 1970, is comprised of 12 one-bedroom units, 11 two-bedroom units, and 1 studio apartment. The units and common areas had been regularly updated during the course of the seller’s ownership. The building also features coin-operated laundry machines for the tenants and ample off-street parking.
“Quincy is one of the most commuter-friendly cities in the Greater Boston Area with four MBTA Red Line Stations, a Commuter Rail Station, and an expansive public bus system,” said Griffith. “According to a recent study by the Boston Redevelopment Authority, Quincy has the highest number of daily commuters into Boston (18,400+), followed by Cambridge, Brookline, Somerville, and Newton” he said.
The capitalization rate at the time of sale was 4.6%.
With over 1,700 investment sales and financing 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 9,000 transactions in 2016 with a value of $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, technology and relationships with the largest pool of qualified investors.