Marcus & Milicahap Sell Rare Four-Building 44-Unit Newton Multifamily for $15.25M

Boston — With low inventory and high interest rates battling high yield expectations from sellers, trades in the Greater Boston multifamily sector have been few and far between in 2024. Even rarer are multifamily sales in Newton; save for the recent 44-unit legacy deal brokered by the Marcus & Millichap duo of Pepdjonovic and Evans.

“Newton is an incredibly low-velocity sales market, with this being the only apartment complex that has traded in 2024,” boasts Evan Griffith, senior vice president of investments, regarding the $15.25 million sale of the legacy-held Curtis Arms Apartments at 128-134 North Street; the well-positioned asset flanked by the Charles River and Watertown.

There are legacy sales and then there are the kind that are decades held through several cycles. “We were thrilled to deliver this rare apartment complex to our client, as it presents a tremendous value-add opportunity in one of the most desirable cities in the country. The selling family constructed Curtis Arms in 1969, so this marks the first time the asset has ever been sold,” said Tony Pepdjonovic, senior vice president of investments.

According to the Curtis Arms’ marketing, 128-134 North St. sits on 1.8 acres and is improved by four 11-unit brick buildings. The complex is comprised entirely of two-bedroom floor plans and features ample off-street parking, storage lockers and coin-operated laundry machines for the tenants.