**Holbrook Apartment Complex Sells for $7 Million in Competitive Transaction**
Marcus & Millichap has brokered the sale of Johns Avenue Apartments, a 34-unit multifamily property located in Holbrook, Massachusetts, for $7 million. Senior Managing Directors Tony Pepdjonovic and Evan Griffith represented the longtime owner and also secured the buyer.
“There is a significant lack of multifamily inventory south of Boston, particularly in the 12- to 75-unit range, which continues to fuel investor demand as these properties hit the open market,” said Pepdjonovic. “This was another very competitive marketing process, which resulted in seven offers for the selling family, who had owned the property since 1988.”
Griffith noted the property’s potential, adding, “This was a prime value-add example, as the average rent was $1,205. The buyer is already underway with major renovations to both the apartments and the property grounds.”
Located at 3 Johns Avenue in Holbrook, near the Braintree town line, the apartment complex was built in 1965. The property consists of four studio units and 30 one-bedroom apartments, along with off-street parking.
