Press Releases
Marcus & Millichap Brokers Suburban Boston Multifamily Asset Sale
November 21, 2025
ARLINGTON, Mass., Nov. 20, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Mystic Grove Apartments, a 60-unit apartment complex in Arlington, Massachusetts. The property sold for $20.5 million, or $341,667 per unit.
“The acquisition of Mystic Grove Apartments presents the buyer with a unique opportunity to continue prior ownership’s modern interior renovation business plan and increase revenue across all 60 units,” said Evan Griffith, senior managing director. “With direct Massachusetts Bay Transportation Authority bus access and a sought-after Arlington location that sits on Massachusetts Avenue across the street from the brand-new Arlington High School, the property will sustain strong rental demand and long-term value appreciation,” added Tony Pepdjonovic, senior managing director. Griffith and Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer.
The apartment complex is steps from CVS, Whole Foods, and the Capitol Theatre Building. Residents enjoy nearby outdoor escapes at Mystic Pond, Spy Pond, and Menotomy Rocks Park.
Constructed between 1925 and 1963, Mystic Grove Apartments consists of three buildings on contiguous parcels. The unit mix includes commercial, studio, one-bedroom, two-bedroom, and four-bedroom units. Apartments have spacious layouts, large bedrooms, and elevator access. Renovated units have new kitchen cabinets, stainless steel appliances, updated bathrooms, and new fixtures. Community amenities include a new fitness center, laundry facilities, and ample off-street parking.
“The acquisition of Mystic Grove Apartments presents the buyer with a unique opportunity to continue prior ownership’s modern interior renovation business plan and increase revenue across all 60 units,” said Evan Griffith, senior managing director. “With direct Massachusetts Bay Transportation Authority bus access and a sought-after Arlington location that sits on Massachusetts Avenue across the street from the brand-new Arlington High School, the property will sustain strong rental demand and long-term value appreciation,” added Tony Pepdjonovic, senior managing director. Griffith and Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer.
The apartment complex is steps from CVS, Whole Foods, and the Capitol Theatre Building. Residents enjoy nearby outdoor escapes at Mystic Pond, Spy Pond, and Menotomy Rocks Park.
Constructed between 1925 and 1963, Mystic Grove Apartments consists of three buildings on contiguous parcels. The unit mix includes commercial, studio, one-bedroom, two-bedroom, and four-bedroom units. Apartments have spacious layouts, large bedrooms, and elevator access. Renovated units have new kitchen cabinets, stainless steel appliances, updated bathrooms, and new fixtures. Community amenities include a new fitness center, laundry facilities, and ample off-street parking.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
