March 24, 2020 – Spencer Norton of Horvath & Tremblay has successfully completed the sale of 621-627 Central Street & 12-16 Elm Street for $2,000,000. Norton represented both the seller, Borges Gaulter M Est, and buyer, Jaf27 LLC. The value-add properties sold at $133,333 per unit.
621-627 Central Street is a 3-story apartment building containing six, 3-Bedroom/1-Bathroom units in 7.629 square feet of living area on a 0.14-acre parcel. 12-16 Elm Street is located adjacent to the Central Street building on the first block of Elm Street. The two, 3-story buildings contain 9 townhome style 2-Bedroom/1.5-Bathroom units that include single-car garages with direct entry into the units. In total, the two Elm Street buildings contain 8,100 square feet of living area. Given the desirable bedroom counts (2 bed and 3 bed units), as well as the off-street parking, the rental growth is anticipated to be significant, after programmatic upgrades to the buildings. The Properties are well located in an attractive, densely-populated, residential neighborhood adjacent to Downtown Lowell with convenient highway access and within walking distance to numerous amenities and public transportation options.
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.