A brand-new, 30-unit apartment building in South Quincy has changed hands for $13.5 million, closing escrow fully occupied and commanding a price tag that works out to $450,000 per unit. The property, known as The Willard at 510 Willard St., sits roughly nine miles south of downtown Boston and just off Interstate 93, offering quartz countertops, in-unit laundry, and separately metered utilities across a mix of two- and three-bedroom layouts.
The sale closed on July 22, according to Compass, which tracked the deal from its original November 2025 listing price of $13.999 million down to its eventual $13.5 million sale — a discount of roughly 3.6 percent after 136 days on the market. Marcus & Millichap finalized the sale, as reported by Connect CRE, with the firm's Evan Griffith and Tony Pepdjonovic exclusively marketing the property on behalf of the seller. Buyer representation was handled by Rebecca Huang of William Raveis Real Estate's Milton office, per Compass.
A Turnkey Property Built in 2025
The Willard was built in 2025 as a 30-unit multifamily property with a unit mix of 24 two-bedroom apartments and six three-bedroom apartments, according to Connect CRE. The four-story building sits on a 0.63-acre lot and includes 60 open surface parking spaces — a two-space-per-unit ratio unusually generous for the submarket — along with a pet-washing station, optional tenant storage, and EV charging availability, per Homes.com.
At $13.5 million for 36,202 square feet of living space, the deal reflects roughly $373 per square foot, according to Compass. The building was 100% occupied at the close of escrow, Connect CRE reports, a fact that likely reassured a buyer taking on an estimated annual property tax liability of approximately $120,000 based on an assessed value of $1,040,000, per the same Compass listing.
Rents Sit at the Top of Quincy's Market
Individual unit listings for 510 Willard St in 2026 show asking rents ranging from roughly $2,700 to $2,800 a month for two-bedroom apartments up to $3,450 a month for three-bedroom floor plans, according to Trulia. That's a premium over the broader Quincy rental market, where average monthly rents ranged between $2,600 and $2,785 as of August, with two-bedroom units averaging $3,025 citywide, according to Zillow.
Commercial tracking from Matthews Real Estate Investment Services recorded a 6.1% vacancy rate and average rents of $2,663 across the broader Quincy/Plymouth County submarket in June, suggesting healthy occupancy across the area's multifamily stock. The Willard sits in the Blue Hills Reservation neighborhood of South Quincy, about 1.9 miles from the MBTA Red Line's Quincy Adams Station and near Granite Links Golf Course and South Shore Plaza, according to Redfin, giving tenants both highway and rapid-transit access alongside proximity to downtown Boston.
State Zoning Rules Keep Fueling Quincy's Apartment Boom
The sale lands against the backdrop of Massachusetts's MBTA Communities Act, which designates Quincy as one of 12 rapid-transit communities required to maintain as-of-right zoning for multi-family housing near public transit, according to the Massachusetts state government. That regulatory push has been reshaping the city's housing landscape, and Hoodline previously reported on a 520-unit project near North Quincy enabled by the same law.
Griffith and Pepdjonovic, who lead the Griffith Pepdjonovic Group at Marcus & Millichap's Boston office, completed 36 commercial real estate transactions totaling more than $163 million across Greater Boston in 2024, according to Connect CRE's broker awards coverage. The identity of the buyer behind The Willard's purchase has not been disclosed beyond William Raveis Real Estate's involvement, leaving the ultimate ownership of the newly sold complex an open question for now.
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