Waltham, Massachusetts, September 3, 2025
News Summary
A nine-unit multifamily property located at 9–19 Brown Street in Waltham sold for $3,380,000, highlighting strong demand for turnkey rental housing in the Route 128 corridor. The property attracted five offers on its first day, driven by recent renovations and its desirable location near transit and amenities. Local housing policies aimed at boosting development further underscore the significance of this sale.
Waltham, Massachusetts — A nine-unit multifamily property at 9–19 Brown Street in Waltham sold for $3,380,000, reflecting strong investor demand for renovated, turn-key rental housing in the Route 128 corridor.
Sale Details
The transaction was brokered by senior managing directors Tony Pepdjonovic and Evan Griffith of Marcus & Millichap, who represented the seller and procured the buyer. The offering generated significant interest during marketing: tours produced five offers on the first day, and competitive bidding pushed the sale price above the asking price.
Property Description
The building is a nine-unit multifamily asset composed of a mix of one- and two-bedroom apartments as well as three-bedroom townhouses. The property has undergone recent renovations throughout, including updated apartment interiors, modernized common areas, and extensive exterior upgrades. Additional on-site features include off-street parking, on-site laundry, and six rentable garages, contributing to the property’s turn-key condition.
Location and Access
The property sits on Waltham’s south side near the Charles River Walk and offers easy access to the Waltham MBTA station. It lies within a short commute of Boston Children’s Hospital and Brandeis University and is close to retail and dining options along Main and Moody Streets. These locational attributes were cited as factors that increased buyer willingness to pay a premium for the asset.
Market Reaction and Investment Context
The sale is consistent with continued investor appetite for high-quality multifamily assets in Greater Boston. Industry participants described the Brown Street property as highly sought-after within the Route 128 corridor, where renovated, income-producing properties with immediate occupancy and reduced capital needs tend to draw multiple bidders. The rapid generation of offers and the above-asking sale price exemplify the premium investors place on renovated, turn-key rental housing in strong transit and amenity locations.
Local Housing Policy and Development Context
The sale comes amid local changes intended to accelerate housing production. Waltham’s City Council is advancing an MBTA Communities zoning plan designed to allow for thousands of new multifamily housing units. The proposed zoning would enable the creation of 4,002 new housing units near two commuter rail stations—the Brandeis/Riverside station and the Waverly stop on the Belmont town line.
Those zoning proposals follow a period of limited new construction: between 2018 and 2022, Waltham permitted only 192 new housing units, representing under 1% of the existing housing stock. The MBTA Communities law enacted in 2021 requires municipalities served by commuter rail and rapid transit to accelerate housing development, prompting local planning and debate.
Debate, Concerns and Outlook
The new zoning plan received approval after a lengthy City Council debate focused on building scale and affordability. Residents raised concerns about the availability of affordable housing and the pace of new development, noting that median single-family home prices in the area exceed $800,000. Councilors expressed skepticism about how quickly new zoning would translate into actual construction, and acknowledged that many existing landholders may choose not to pursue development immediately. As a result, even if zoning facilitates future projects, construction timelines could be delayed.
Advocates for increased housing production remain optimistic that the zoning changes could create more affordable opportunities over time, while developers and investors continue to target renovated, transit-oriented multifamily properties that can deliver immediate rental income.
What This Sale Shows
In summary, the Brown Street transaction highlights three converging trends: strong investor demand for renovated, turn-key multifamily properties in transit-accessible locations; a local policy push to increase housing supply under the MBTA Communities framework; and ongoing community debate about scale, affordability, and the timing of new housing construction. The sale sets an example of market interest in Waltham even as long-term housing outcomes will depend on zoning implementation and developer activity.
FAQ
What property was sold?
The property at 9–19 Brown Street in Waltham, a nine-unit multifamily building, was sold.
What was the sale price?
The sale price was $3,380,000.
Who brokered the transaction?
The deal was brokered by Tony Pepdjonovic and Evan Griffith, senior managing directors at Marcus & Millichap.
What units and amenities does the property include?
The building includes one- and two-bedroom apartments and three-bedroom townhouses. It features updated apartments, modernized common areas, extensive exterior upgrades, off-street parking, on-site laundry, and six rentable garages.
Why did the property sell above asking?
Multiple offers—five on the first day of tours—along with the property’s turn-key condition, recent renovations, and desirable location drove competitive bidding and a final price above the asking amount.
How does this sale relate to Waltham’s housing plans?
The sale occurred as Waltham advances an MBTA Communities zoning plan to allow about 4,002 new housing units near two commuter rail stations. The change aims to increase housing supply after a recent period of low permitting.
Quick Reference Table
| Item | Detail |
|---|---|
| Property Address | 9–19 Brown Street, Waltham, MA |
| Units | 9 (mix of 1-bed, 2-bed, and 3-bed townhouses) |
| Sale Price | $3,380,000 |
| Broker | Tony Pepdjonovic and Evan Griffith, Marcus & Millichap |
| Key Amenities | Updated units, modern common areas, exterior upgrades, off-street parking, on-site laundry, six rentable garages |
| Nearby Transit & Institutions | Waltham MBTA station, Brandeis University, Boston Children’s Hospital, Charles River Walk |
| Local Zoning Plan | MBTA Communities zoning to enable ~4,002 new units near two commuter rail stations |
| Recent Permitting (2018–2022) | 192 new units permitted (under 1% of housing stock) |
Deeper Dive: News & Info About This Topic
HERE Resources
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Additional Resources
- Boston Real Estate Times: Multifamily Sale in Waltham
- Wikipedia: Waltham, Massachusetts
- Rebusiness Online: Alliance Residential Project in Waltham
- Google Search: Waltham housing plan
- Yield Pro: The 305 in Waltham
- Google Scholar: Waltham housing policy
- Boston Globe: Waltham Housing Plan and MBTA Communities
- Encyclopedia Britannica: Multifamily Housing
- ConnectCRE: Waltham Apartment Complex Trade
- Google News: Waltham real estate
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