T
he Griffith Pepdjonovic Group of Marcus & Millichap has announced the $7 million sale of Johns Avenue Apartments, a 34-unit multifamily property in Holbrook, Massachusetts. The deal highlights investor appetite for mid-sized assets in Greater Boston's tight housing market.

    Senior Managing Directors Tony Pepdjonovic and Evan Griffith represented the sellers and procured the buyer. According to Pepdjonovic, the listing drew significant attention due to limited inventory in the 12- to 75-unit range. "There is a lack of multifamily inventory south of Boston, particularly in this size range," he said. "This fueled investor demand as these properties hit the market."

    The property, located at 3 Johns Avenue on the Braintree town line, has strong potential for repositioning. The average rent was $1,205, and the buyer is already renovating apartments and grounds. Built in 1965, the three-story complex comprises four studios and 30 one-bedroom units.

    With persistent supply constraints in the Greater Boston multifamily market, value-add assets like Johns Avenue Apartments remain highly sought-after by investors seeking long-term upside through renovation and repositioning strategies. The property offers walkable access to local amenities and is near a commuter rail station, providing convenient connections to downtown Boston and surrounding employment hubs.