August 17, 2020 – Stephen Girolamo of Horvath & Tremblay has successfully completed the sale of a 24-unit Apartment Complex in Beverly, Massachusetts. Girolamo represented the seller and procured the buyer to complete the transaction at a sale price of $6,500,000, which is $270,833 per unit.
614 Cabot Street, constructed in 1968, is a desirable apartment complex comprised of two 12-unit, 3-story brick buildings each with +/-9,425 livable square feet (+/-11,088 gross square feet) that sit on 2.19 acres of land. The buildings consist of twenty-two (22) two-bedroom, one-bathroom units and two (2) one-bedroom, one-bathroom units. The property has been well maintained and has excellent curb-appeal and 48 on-site parking spaces. This was a value-add transaction as the opportunity exists, through programmatic upgrades to the units, to significantly increase rents in a supply constrained market. 614 Cabot Street is well-located in a densely populated residential neighborhood seconds from Interstate 95. The Property is situated along Cabot Street, the main street traversing Downtown Beverly, and offers convenient access to an array of “downtown” amenities, including retail, restaurants, entertainment and public transportation.
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.