March 27, 2019 – Dennis Kelleher and John Pentore of Horvath & Tremblay have sold 33 Park Street in Malden for $6,250,000 at a 3.69% cap rate. Kelleher and Pentore successfully completed the transaction with 33 Park Apartments LLC, an affiliate of United Properties, who owns several hundred apartments in the immediate area.
33 Park Street is a desirable brick apartment building featuring a mix of studio and 1 bedroom apartments on a 6,744 square foot lot. The 36-unit, value-add asset is situated in a nice urban infill location, less than ¾ mile from the Malden Center Commuter Rail as well as one block from Salem Street, which provides various stops for the MBTA Bus service. Also located in close proximity is Malden High School as well as various restaurants and shops. The acquisition allows the investor to own a generational asset in one of the stronger real estate markets in the region. Kelleher and Pentore worked closely with Cornerstone Realty Capital, a privately owned boutique commercial mortgage brokerage company, which secured favorable financing for 33 Park Apartments LLC.
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.