June 22, 2021 – Dennis Kelleher, John Pentore, and Spencer Norton of Horvath & Tremblay have successfully completed the sale of the Union & Grove Apartments in Methuen, Massachusetts. The trio represented the seller and procured the buyer to complete the transaction at a sale price of $6,500,000 at $180,556 per unit and a 6.1% cap rate.
Union & Grove Apartments is a two-building multi-family complex located at 70-72 Union Street and 17-19 Grove Street in Methuen, Massachusetts. The property consists of two adjacent, identical, three-story, 18-unit brick apartment buildings with a total of thirty-six (36) units. Arrowpoint purchased the property 3-years ago for $3.9 million and began extensive renovations. “When we purchased this property, it was really in terrible condition,” said David Lamattina, president of Arrowpoint. “We gut-renovated over 80% of the units down to the studs in just two years, completing all new modern upgrades and finishes.” The Union & Grove Apartments benefit from a desirable unit mix with twenty-four (24), 2-Bedroom/1-Bathroom units, ten (10), 1-Bedroom/1-Bathroom units and two (2) studio units in 26,108 square feet of gross living area on 0.76-acres of land. The property is separately metered for electricity and features an on-site laundry facility and ample off-street parking for the tenants. Union & Grove is within walking distance of Broadway (MA Route 28), the area’s primary commercial corridor offering a multitude of national and local retailers, restaurants, entertainment and also offers quick access to Interstates 93 and 495. Jay Goldberg, managing partner of Arrowpoint, stated Dennis Kelleher and Spencer Norton delivered a strong qualified buyer and offer. “We weren’t looking to sell, but we got an offer we couldn’t refuse,” said Goldberg.
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.