Johns Avenue Apartments in Holbrook recently sold for $7 million, and the involved brokers say major renovations are on the way.

The 34-unit apartment building, constructed in 1965, had been under family ownership since 1988. The average rent sits around $1,200 per month. The property’s location 15 miles south of downtown Boston offers proximity to the Braintree line and Holbrook/Randolph MBTA Station.

Tony Pepdjonovic and Evan Griffith of Marcus & Millichap oversaw the transaction.

“There is a significant lack of multifamily inventory south of Boston, particularly in the 12- to 75-unit space, which continues to fuel investor demand as these properties hit the open market,” said Pepdjonovic in a press release. “This was another very competitive marketing process, which resulted in seven offers for the selling family, who had owned the property since 1988.”

“This was a prime value-add example, as the average rent was $1,205, and the buyer is already underway with major renovations to both the apartments and the property grounds,” added Griffith.