Marcus & Millichap recently completed the sale of Curtis Arms Apartments, a 44-unit multifamily property located in Newton, MA. The transaction was valued at $15.25 million and involved both a buyer and seller whose identities were not disclosed. SVPs Tony Pepdjonovic and Evan Griffith facilitated the sale, which marked two significant milestones.
Pepdjonovic expressed excitement about securing this unique apartment complex for their client as it presents an excellent opportunity for value enhancement in one of the most sought-after cities in the nation. He also noted that this is the first time Curtis Arms has been sold since its construction by its previous owners back in 1969.
Griffith added that Newton’s real estate market has low sales activity, with only one other apartment complex being sold so far in 2024 – namely 175 Adams St., which comprised of just 31 units and was handled by their team last August.
The property at North St., spanning over an area of approximately1.8 acres, consists of four brick buildings each containing eleven units exclusively made up of two-bedroom floor plans.
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