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Mon, Aug 19
A Compendium of Property & Capital News
Mon
Aug 19
A Compendium of Property & Capital News

13-Unit Multi Trades for $2,415,000 in Growing Quincy Center Neighborhood

August 01, 2019
36 - 40 Bigelow Street, Quincy MA

QUINCY–Marcus & Millichap recently completed the trade of 36-40 Bigelow Street, a 13-unit apartment property located half a mile from the Quincy Center MTBA Station, according to John Horowitz, regional manager of the firm’s Boston office.

The asset sold for $2,415,000. Evan Griffith, First Vice President Investments and Tony Pepdjonovic, Vice President Investments, had the exclusive listing to market the property on behalf of the seller and procured the buyer.

36-40 Bigelow Street is comprised entirely of 1 bedroom / 1 bathroom units and features off-street parking and on-site laundry for tenants. Quincy Center is the transit hub of the city with the MBTA Red line, Commuter Rail, and public bus service.

“The $1.6B revitalization of Downtown Quincy Center is quickly rounding into form, attracting new residents by the hundreds with a vibrant mix of housing, dining, and entertainment options” stated Pepdjonovic. “Absorption of the new housing product remains strong and the older class B and C apartment buildings continue to experience significant rent growth.” he added.

The Marcus & Millichap duo were busy at 36-40 Bigelow Street as they arranged 19 tours of the asset and collected 7 offers. “Competition was intense from the onset as transit-oriented, amenity-rich locations continue to be at the top of the investor wish list” proclaimed Griffith.

Tony Pepdjonovic Evan Griffith