Quincy new-build draws $450,000 a unit

The sale of The Willard, a 30-unit apartment building at 510 Willard St. in Quincy, Mass., closed at $13.5 million, Marcus & Millichap told Connect CRE, with the 2025 building fully leased and the price working out to $450,000 a unit. That gives a fresh per-unit comp for new construction in a commuter market nine miles south of Boston just off Interstate 93.

Tony Pepdjonovic and Evan Griffith, both senior managing directors at Marcus & Millichap, exclusively marketed the property on behalf of the seller. Pepdjonovic cited the location and what he called strong fundamentals; Griffith, working out of the firm's Boston office, described the building as turnkey, with quartz countertops, in-unit laundry and separately metered utilities, including water. The brokers called it a boutique luxury asset with modern finishes and spacious floor plans, a mix of 24 two-bedroom and six three-bedroom apartments aimed at families in a commuter submarket.

The Quincy price sits above a 16-unit Belmont, Calif., building that traded at $359,375 a unit and a 23-year hold in Los Angeles's Pico-Robertson that cleared at $334,937, while a 98-unit Lincoln Park trade cleared at $208,000 a unit this week, though that asset included retail and sits in a different market. The $450,000 print reflects the premium a newly built, fully leased asset commands in a market where small-balance buyers remain selective.

Small and mid-sized multifamily deals are repricing on current cash flow, and private capital is underwriting leased cash flow rather than projected rent growth. A brand-new, fully leased building is the kind of asset that holds its premium in that shift, and the Quincy print will likely be the comp appraisers reach for when a comparable asset lists. For owners of new-construction stock in the submarket, $450,000 a unit becomes the bar; the buyer has not been identified.