November 17, 2020 Jason Kulik of Horvath & Tremblay has successfully completed the sale of an 18-unit Multi-Family Portfolio in Whitman, Massachusetts. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,925,000.
The Whitman Portfolio of co-located multi-family properties are located at 55-57 Pleasant Street, 16-18 Reed Place, 250 South Avenue and 155 Broad Street, all in Whitman, Massachusetts. The four property Portfolio is centered around the attractive and municipality-maintained Green Oaks Park & Recreation Area. In total, the Portfolio consists of 18 units made up of 12, one-bedroom units, 3 studio units, and 3, two-bedroom units. The Whitman Portfolio provided a rare opportunity to acquire a critical mass of closely located, value-add, multi-family properties in a supply-constrained rental market. The Properties had been under the same ownership for many years and are easy to manage. Each property features off-street parking for tenants and on-street parking for guests. All of the tenants are responsible for their own electricity and half of the tenants are responsible for their own separately metered heat and hot-water. In-place rents are below the current market rent for comparable units in the market, offering the owner the potential to raise rents and increase current revenue through a programmatic upgrade of the common areas and units. The Whitman Portfolio is well-located in a renter-dominated market and is typically fully occupied with very low historical vacancy. There is a limited supply of multifamily housing in Plymouth County with a high demand for rental units. The Properties are located less than 1/3 mile from the Whitman Train Station and also enjoy close proximity to the commercial center of Whitman which offers an abundance of shopping, restaurant and outdoor recreation amenities.
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.