March 30, 2021 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of The Chelsea Collection in Chelsea, Massachusetts. The multi-family portfolio consists of six buildings and ninety (90) units. The duo exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $19,050,000, which translates to $211,667 per unit as well as a 5.3% cap.
The Chelsea Collection is comprised of six multi-family buildings totaling 90 residential units. The Portfolio is centrally located within close proximity to the Chelsea MBTA Station with five of the six multi-family buildings located along Washington Avenue, and the sixth located along Hawthorne Street. The Collection offers a desirable unit mix of studios, 1-bedroom and 2-bedroom units and consists of three stabilized multi-family properties, two of which are new construction assets, and three value-add buildings which offers the rare opportunity to own a stable income stream with the potential to unlock future value by improving the three value-add buildings and increasing the rents to a competitive market rate. Its urban infill location offers convenient access to Chelsea’s primary commercial corridor along Broadway, at the intersection with Hawthorne Street and Washington Avenue, as well as close proximity to US Route 1, and several Bus lines. Additionally, the Portfolio offers an ideal location for commuters, as it is just a short 5-minute walk to the new Silver Line BRT station, which is situated at the MassPort garage on Eastern Ave. The Silver Line Gateway Project will provide a new, dedicated bus rapid transit (BRT) service connecting Chelsea with the Red Line’s South Station and Seaport District in Boston.
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.