August 27, 2020 – Spencer Norton of Horvath & Tremblay has arranged the sale of the Bridge & Fifth Street Portfolio in Lowell, Massachusetts. Norton represented both buyer and seller to close the property at a sale price of $1,900,000, a cap rate of 6.77%, and a price per unit of $126,667.
The Bridge and Fifth Street Portfolio contains a total of 15 units spread over three buildings. The properties are comprised of 1, one-bedroom unit, 12, two-bedroom units, 1, four-bedroom unit, and a nail salon spread over 14,493 square feet of gross livable area on 0.27 acres of land. This portfolio is a value-add opportunity with upside in rents, capitalizing on the strong downtown location of the properties. The buildings have separate utilities with some off-street parking. The Portfolio is well located along the bus-line and just 3-blocks from the Merrimack River. Additionally, the portfolio is just over a mile from Lowell’s MBTA Commuter Rail and 1.5-miles from the UMASS Lowell campus.
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.