May 9, 2024 – Spencer Smith, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of the Cherry & High Street Portfolio, a twenty-five (25) 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 $2,420,000.
The Cherry & High Street Portfolio is comprised of four (4) multi-family properties within three (3) tax parcels located at 239-245 High Street, 435 Cherry Street, and 447 Cherry Street in the Historic Lower Highlands section of Fall River. The Portfolio contains twenty-five (25) units consisting of twenty (20), 1-Bedroom/1-Bathroom units and five (5) Studio units. The Portfolio comprises 13,274 square feet of living area in 18,511 square feet of total gross area on 0.42 acres of land. The Cherry & High Street Portfolio provided a rare opportunity to acquire a critical mass of co-located, value-add, multi-family properties in a supply-constrained rental market. The Cherry & High Portfolio is well-located in a highly desired, densely populated residential neighborhood. The Portfolio is situated at the intersection of Cherry Street and High Street and enjoys close proximity to the Charlton Memorial Hospital, and to the future Fall River Train Station (MBTA – Stoughton Line) which is scheduled to open in 2024. Fall River is also home to two branches of UMASS Dartmouth and the Bristol Community College. The location offers convenient access to the area’s major roadways, public transportation, and numerous retail amenities.
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.