June 4, 2020 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of the Rhode Island Multi-Family Portfolio in the greater Providence, RI MSA. The portfolio consists of 49 buildings and 367 units. The duo exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $24,350,000, which translates to $66,349 per unit.
The Rhode Island Portfolio is comprised of 49 buildings totaling 364 residential units and 3 street-level retail units. The Portfolio, which is concentrated around Providence, Pawtucket and Woonsocket, offers an attractive unit mix with 25 studio apartments, 134 one-bedroom apartments, 150 two-bedroom apartments, 47 three-bedroom apartments, 9 four-bedroom apartments and 1 six-bedroom apartment. The Rhode Island Portfolio provided a rare opportunity to acquire a critical mass of Multi-Family buildings with strong historical occupancies, in one of the strongest, most sought-after rental markets in New England. The Rhode Island multi-family market is characterized by a lack of affordability and demand that is outpacing supply, which will help to perpetuate rent growth throughout the state.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.