March 1, 2017 – Dennis Kelleher and John Pentore, of Horvath & Tremblay, have arranged the sale of 249 Summer Street located in Somerville, Massachusetts. The six (6) unit apartment building sold for a price of $3,300,000 and $550,000 per unit.
249 Summer Street is situated in the Spring Hill neighborhood of Somerville and is located less than a ½ mile to Porter Square as well as 1 mile to both Davis and Union Square. With links to the subway and commuter rail, Porter Square is both a local and regional shopping destination with a mix of large and small retail shops, restaurants and bars. Situated on a 0.1 acre site, the 6,783-square foot property is comprised of (6) three bedroom apartments. Each unit has been fully renovated with modern amenities including: custom cabinets, granite countertops, stainless steel appliances, and hardwood floors throughout. In addition, each unit has a brand new heating system and is separately metered for gas heat, hot water and electric utilities. A coin-operated laundry is also available on site for tenants. The property is located in a highly sought-after residential neighborhood in one of the strongest rental markets in New England.
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.