March 18, 2022 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of Gibson Terrace, an 18-unit apartment building situated in Cambridge, Massachusetts. The duo exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $10,580,000 and $587,778 per unit.
Gibson Terrace, one of the marquee buildings in Cambridge, is located at 38 Gibson Street in West Cambridge. The two-story building contains eighteen (18) residential units consisting of sixteen (16), 1-Bedroom/1-Bathroom units and two (2), 2-Bedroom/1-Bathroom units in 12,138 square feet of living area on a 0.29-acre parcel. The Property has tremendous curb appeal with a brick exterior and an inviting central courtyard with brick walkways and meticulously maintained grounds. The building offers numerous upgrades throughout as well as on-site storage for the tenants. Situated in an incredible urban infill location on a tree-lined residential street and surrounded by stately single-family homes, the Property is 400 feet from Mt Auburn Street, 0.4-miles from Fresh Pond Parkway/Memorial Drive (US Route 3/MA Route 2), 0.7 miles from Harvard Square, 0.8 miles to world renowned Harvard University and 1.5 miles to Porter Square as well as Inman Square. Gibson Terrace offered the rare opportunity to acquire an eighteen-unit multi-family asset in one of the country’s best performing real estate markets.
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.