April 12, 2019 – Dennis Kelleher and John Pentore, of Horvath & Tremblay, have arranged the sale of an apartment building located at 46 South Street in Somerville, Massachusetts. The 6-unit property sold for $2,250,000 at a 5.9% cap rate and over $600 per foot. Kelleher and Pentore exclusively represented both seller, Torrington South LLC, an affiliate of Torrington Properties, and buyer, Lakeland Capital 46-48 South Street LLC.
46 South Street is set in an excellent urban location located a block from the Cambridge-Somerville line. The Property is .5 miles to both the thriving commercial district of Kendall Square and the lively restaurants, shopping and entertainment options of Inman Square. Since current ownership acquired the asset in 2017, four of the 6 units have undergone renovations including new kitchens and bathrooms, hardwood floor and new paint jobs. Additional renovations include new siding, upgraded electrical system, new coin-operated laundry, updated common areas and new landscaping around the exterior of the property.
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.