November 1, 2023 – Spencer Norton of Horvath & Tremblay has arranged the sale of a three-building multi-family portfolio in Lowell, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $5,325,000 and $171,774 per unit.
The three building, multi-family investment portfolio is located at 18-24 Waugh Street and 170 Cross Street in Lowell, Massachusetts. The Portfolio is comprised of thirty-one (31) residential units and consists of eleven (11) 1-Bedroom/1-Bathroom units and twenty (20) 2-Bedroom/1-Bathroom units with 20,076 square feet of living area in 26,610 gross square feet on a combined 0.65-acres of land. Each of the Properties features an attractive brick exterior, on-site laundry facilities and ample on-site parking. Each unit is separately metered for electricity, which the Tenants pay directly. The Landlord is responsible for gas fired heat and hot water, cooking gas, common area electric and domestic water and sewer. The Portfolio has below-market residential rents. The opportunity exists to increase residential rents to market rates via programmatic updates to the units in a highly sought-after, supply-constrained residential market. The Portfolio is well-located in Lowell’s The Acre neighborhood with convenient access to UMass Lowell, the Lowell train station and area schools and businesses also provides convenient access to the area’s major highways (the Lowell Connector, Route 3 and I-495). Public transportation is also available within a short walk of each Property via LRTA Bus lines which run near the Properties and connect to Downtown Lowell and offer service throughout the city. The Lowell Commuter Rail Station, providing train service to Boston, is located within 1-mile from each of the Properties in the Portfolio. Lowell is a vibrant city of 111,000 residents, making it the second largest city in the Boston MSA, and home to UMass Lowell, the second largest public university in the state and Middlesex Community College, which has an enrollment in excess of 13,000 students.
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.