August 28, 2020 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of two Multi-Family buildings totaling 22 units in Somerville, Massachusetts. The duo procured the buyer to complete the transaction at a sale price of $8,750,000, which is $397,727 per unit.
The property consists of two adjacent buildings containing a total of 22 rental units and 26 bedrooms. 54-56 Walnut Street is a three-story building containing eight (8), 1-Bedroom/1-Bathroom units and two (2) 2-Bedroom/1-Bathroom units in 8,057 square feet of living area and 11,614 square feet of gross area. 2-6 Pleasant Street is a three-story building containing twelve (12), 1-Bedroom/1-Bathroom units in 8,172 square feet of living area and 12,540 square feet of gross area. The two buildings have a combined 0.22 acres of land with shared common grounds. The property is exceptionally well-located in the high-density, urban-infill Somerville neighborhood. The highly-walkable location is strategically positioned within a half-mile of the new Union Square MBTA Green line station, and 2.4 million square foot redevelopment. An impressive 66,900+ people live within a 1-mile radius of the Property with an average household income of $116,750.
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.