December 17, 2021 – Spencer Smith, John Pentore and Dennis Kelleher of Horvath & Tremblay have successfully completed the sale of Hargraves & Reuben, a forty-nine (49) unit Multi-Family Portfolio in Fall River, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $5,400,000.
Hargraves & Reuben is comprised of four multi-family investment properties located at 63, 37-39 & 41-43 Hargraves Street and 28 Reuben Street in Fall River, Massachusetts. The Portfolio consists of four (4) buildings with forty-nine (49) units made up of forty-three (43), 2-Bedroom units and six (6), 3-Bedroom units. The Portfolio contains 37,081 square feet of living area within 46,674 total gross square feet and has a total of 1.36-acres of land with on-site parking for forty-five (45) vehicles. Throughout the course of ownership, the properties have undergone extensive renovations. The majority of units feature renovated kitchens with granite countertops, new cabinets, updated bathrooms as well as flooring. Major capital improvements include vinyl siding, rubber and asphalt shingle roofs, heating systems, windows as well as improved parking lots. The Portfolio offers the opportunity to acquire a stabilized asset with the ability to unlock additional value with systematic rent increases in a supply constrained market. Hargraves & Reuben is well-located in the heart of Downtown Fall River. The Properties enjoy close proximity to the Charlton Memorial Hospital, and the future Fall River Train Station (MBTA – Stoughton Line) which is scheduled to open in 2023. Fall River is also home to two branches of UMASS Dartmouth and the Bristol Community College. The locations offer convenient access to the area’s major roadways, public transportation, and numerous retail amenities. The City of Fall River is home to a variety of noteworthy museums, cultural attractions, and places of historical significance which attract thousands of visitors annually. Three Fall River attractions have earned the coveted Certificate of Excellence from Trip Advisor, the world’s largest travel site. The city also contains 24 parks & playgrounds and 11 memorial greens. Additionally, Amazon opened a 1.7 million square foot fulfillment center (warehouse/distribution center) in Fall River in 2017 that employs roughly 1,600 people.
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.