October 12, 2022 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of the Pleasant Court Apartments, a 22-unit apartment building in Cambridge, Massachusetts. The desirable asset sold for $12,850,000 and $584,091 per unit.
The Pleasant Court Apartments are located at 19 Pleasant Street in Cambridge, Massachusetts. Situated in an Incredible, Urban-Infill location 1 mile from historic Harvard Square as well as world renowned Harvard University, the Property is a fully leased, well-maintained asset in one of the strongest real estate markets in the region. The twenty-two-unit property consists of a three-story building containing ten (10) 2-Bedroom/1-Bathroom units, eight (8) 1-Bedroom/1-Bathroom units, and four (4) 3-Bedroom/1-Bathroom units with 14,788 square feet of living area in 17,000 gross square feet on a corner parcel. Tenant amenities include a common laundry room, on-site storage, and a tandem parking spot along the side of the property. Each unit is separately metered for electric which the tenants all pay directly. The Pleasant Court Apartments are located at the intersection of Western Avenue and Pleasant Street and is 2-blocks from Central Square and the Central Square T-Station (1,000 feet), Harvard Square, Harvard Square T-Station (1-mile) and Inman Square (1-mile). The Property is also a short walk from the Kendall Square commercial district, one of the most prominent hubs of technology and life-science firms in the world. In addition to the numerous employers are a myriad of shopping, dining, entertainment and public transportation options, all of which make Kendall Square one of the most sought after and desirable places to live in the region. Apartment demand in the neighborhood is driven by a diverse mix of families, young professionals, blue-collar workers, and the graduate students, employees and faculty from nearby Harvard University and MIT.
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.