November 4, 2020 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of 278 Beacon Street, a 36-unit apartment building in Somerville, Massachusetts. The duo exclusively represented the buyer to complete the transaction at a sale price of $14,500,000, which is $402,778 per unit.
The apartment building is located at 278 Beacon Street in Somerville, Massachusetts. Situated just outside of world-renowned Harvard Square, the multi-family property is a generational asset containing a critical mass of units in one of the country’s best performing rental markets. The seven-story, mid-rise apartment building contains 36 units in 38,090 square feet of living area on a 0.36-acre parcel. The Property features brick construction, off-street parking, separately metered electricity, a coin-operated laundry room, and an elevator for tenants. The property is exceptionally well-located in the high-density, urban-infill Spring Hill neighborhood. The highly-walkable location is close to the Red Line at Porter Station, Harvard Station, and Union Square. The property is strategically located in between the main corridors of Massachusetts Avenue and Somerville Avenue. An impressive 73,000+ people live within a 1-mile radius of the Property with an average household income of $145,710.
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.