April 12, 2019 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of the Broadway Residences located at 2-8 Broadway in Somerville, Ma. The 24-unit, new construction, mixed-use asset traded for $12,000,000 at a 4.9% cap rate. Kelleher and Pentore exclusively represented the seller, 8 Broadway LLC, an affiliate of City Realty Group LLC (CRG) and buyer, Lacourt Enterprises LLC.
The Broadway Residences, situated in an excellent urban infill location, is located in the East Somerville neighborhood just steps from the MBTA’s Sullivan Square Station and within walking distance to the popular shopping, dining, fitness and entertainment options at Assembly Row. The subject property is comprised of a brand new, five-story apartment building and three adjacent buildings that were gut-renovated in 2015 as part of the development. The Broadway Residences are located on one tax parcel and contains a total of 19 residential units, 5 street-level retail suites and new, on-site garage parking for tenants. The Broadway location in East Somerville also provides convenient access to major roadways Route 28 and Rote 99 as well Interstate 93, the main north-south expressway in and out of Downtown Boston. Coinciding with the development of the nearby Encore Boston Harbor Resort & Casino are both short-term and long-term improvements to remake the busy Sullivan Square traffic circle, which serves seven roads and sees more than 100,000 vehicles passing through Sullivan Square each day.
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.