13-Unit Multi Trades for $2,415,000 in Growing Quincy Center NeighborhoodAugust 01, 2019
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