August 28, 2019 – Dennis Kelleher, John Pentore and Steve Girolamo have sold an 11-Building, 149-Unit Portfolio in Downtown Peabody for $17,200,000. The trio represented both the seller, Northfield Properties LLC and buyer, ViceRoy Capital Management. The deal closed at a 7.8% cap rate.
The Peabody Portfolio consists of 134 residential units and 15 street-level retail units in 11 buildings centered around Main Street in Downtown Peabody. The assets represent the rare opportunity to own a critical mass of properties featuring work-force housing and retail. Under previous ownership, Northfield Properties, LLC, completed considerable upgrades, including renovation of 106 of the 134 residential units, 8 of the 15 street-level retail units, significant capital improvements and cosmetic upgrades throughout. The opportunity exists for in the incoming owners, ViceRoy Capital Management, to continue the programmatic upgrades to the properties and increase immediate and long-term value to the assets.
Peabody is a small but densely populated city of 53,000 residents located 15 miles north of Boston in Essex County on Massachusetts’ north shore. The city offers the appeal of a vibrant downtown atmosphere surrounded by quintessential New England neighborhoods, with access to area highways and beaches. Downtown Peabody offers convenient access to Boston and all of the North Shore via nearby Interstate 95, MA Route 128 and US Route 1. Public Transportation is provided via several MBTA Bus Routes in Downtown Peabody, the Logan Express Service on Route 1 and the commuter rail service to Boston’s North Station in nearby Salem.
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.