January 15, 2020 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of 23 Cottage Ave in Somerville, Massachusetts. Situated in Davis Square, the apartment building sold for $2,600,000 at a 5.4% cap rate and $866,666 per unit. Kelleher and Pentore represented the seller, 23 Cottage Ave, LLC, an affiliate of 42 North Capital, LLC.
23 Cottage Ave is a newly renovated multi-family investment property. The Property contains three, fully occupied, condo quality units containing 13 bedrooms and 7 bathrooms in 4,627 square feet of livable area on a 0.11-acre parcel with off-street parking. 23 Cottage Street is exceptionally well-located just one block from the center of Davis Square, a high-density urban village that is one of the most sought-after neighborhoods in the Boston metro-area. The highly-walkable neighborhood offers a multitude of appealing live-work-play amenities, convenient public transportation and highway access, as well as proximity to the nearby commercial centers of Harvard Square, Kendall Square and Downtown Boston.
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.