February 21, 2020 – Dennis Kelleher, John Pentore and Ryan Benton of Horvath & Tremblay have successfully completed the sale of 56-units in Framingham for $8,700,000. The sale consisted of two, twin 27-unit buildings and an adjacent 2-family on separate tax parcels. The properties sold at a 5.6% cap rate.
77-79 & 93 Arlington Street are situated in an excellent commuter location, situated just outside of Downtown Framingham and 0.4 miles to the Framingham Waverly Commuter Rail Stop. 77-79 Arlington Street, which consists of two, twin 27-unit buildings with off-street parking for over 50 cars, contains (6) studios, (21) one-beds and (27) two-bed apartments. The adjacent two-unit, 93 Arlington, contains (1) two-bed unit and (1) three-bed unit on a 13,408 square foot lot. All units will need to be programmatically upgraded to bring the properties to their highest and best use. Framingham, with over 70,000 residents, is home to the world headquarters of Staples, Bose Audio and TJX, to name a few, as well as Framingham State University. Framingham is the highest populated town in New England and sometimes referred to the as “the largest town in America.”
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.