December 23, 2020 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of The Residences at Trowbridge, a 28-unit apartment building in Cambridge, Massachusetts. The duo exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $15,000,000, which is $535,714 per unit.
The Residences at Trowbridge are located at 16-18 Trowbridge Street in Cambridge, 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 four-story, mid-rise apartment building contains 28 units in 23,128 square feet of living area on a 0.32-acre parcel. The Property features brick construction, off-street parking for all units, separately metered electricity, a coin-operated laundry room, and an elevator for tenants. Recent capital improvements to the property include updated common hallways, new, concrete front steps and repaving of the entire parking area (2019). The property is exceptionally well-located in the high-density, urban-infill Harvard Square neighborhood. The highly-walkable location is close to the Red Line at Harvard Station, Central Square, Inman Square, Kendall Square, and MIT. The property is strategically located in between the main corridors of Massachusetts Avenue and Harvard Street. An impressive 75,000+ people live within a 1-mile radius of the Property with an average household income of $116,000.
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.