June 15, 2021 – Dennis Kelleher, John Pentore, Brian Triglione and Brad Canova of Horvath & Tremblay have successfully completed the sale of Devenscrest Apartments in Ayer, Massachusetts. The team exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $11,600,000.
The Devenscrest Apartments consists of a community of multi-family properties in Ayer, Massachusetts. The Devenscrest Apartments consist of 110 units spread across thirty-six (36) buildings on 10.961 acres of land. The community has a desirable unit mix and is comprised of forty-eight (48), 2-Bedroom/1-Bathroom units, forty (40), 2-Bedroom/1-Bathroom Duplex units, and twenty-two (22) 3-Bedroom/1-Bathroom units in 88,368 square feet of living area. The community also features a dedicated, on-site management office with a state-of-the-art maintenance facility with a commercial garage for on-site equipment storage, repairs, and maintenance. The Devenscrest Apartments represent the rare opportunity to acquire a critical mass of value-add, multi-family properties in a supply-constrained rental market. The Devenscrest Apartments are located just seconds away from the center of the town of Ayer. The Properties have been under the same ownership for more than 50 years. All of the buildings are close together and easy to manage. Each unit includes at least one parking space with additional on-street parking for tenants and guests. Tenants are responsible for their own separately metered electricity and gas (heat and hot water). The landlord is solely responsible for the municipal water and sewer bill. The Devenscrest Apartments are well-located in a renter-dominated market and has enjoyed very low historical vacancy. There is a limited supply of multifamily housing in Ayer, which benefits from a more rural feel and significantly lower property taxes than the surrounding cities of Leominster and Fitchburg, MA. The Properties are located near the commercial center of Ayer, which offers access to the Ayer Train Station with service along the MBTA Purple Line (Fitchburg). Additionally, the area offers restaurants and outdoor recreation amenities as well as close proximity to the larger neighboring cities of Leominster and Fitchburg. The Devenscrest Apartments also benefit from a strong local school system which lends itself to the renter pool seeking the larger units offered at the property.
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.