March 25, 2025 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of the Presidential Estates, a 276-unit apartment community in Quincy, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer in the transaction. The desirable asset sold for $74,500,000 which represents $269,928 per unit.
The Presidential Estates are located at 2 Presidential Drive in Quincy, Massachusetts (the “Property”). Situated in an incredible high-density, urban-infill, Quincy Point neighborhood, the highly-walkable location is convenient to area retailers, marinas, parks, beaches and is a short commute to Downtown Boston. Constructed in 1971, The Presidential Estates is a 276 unit residential community comprised of one-hundred twenty (120), 1-Bedroom/1-Bathroom units and one-hundred fifty-six (156), 2-Bedroom/1-Bathroom units with 278,826 square feet of living area in 308,970 square feet of total area on a large and secluded 12.49 acres of land. The apartments are separately metered for electricity, electric heat, electric hot water, and air-conditioning which the tenants pay for directly. The Landlord pays for water & sewer for the residential units. Most of the residential units feature balconies and some offer vaulted ceilings and skylights. The Property also features an on-site laundry facility, clubhouse, fitness center, swimming pool, tennis courts, grill area, courtyard, and 24/7 on-site management. The current rents are significantly below market and the opportunity exists to increase rents to market rates via programmatic updates to the unrenovated units in a highly desirable, supply-constrained market. The Presidential Apartments are well located just outside of Quincy Center in a quiet residential neighborhood. The Property offers easy access to South Street, Quincy Avenue and Southern Artery (MA Route 53), and primary roadways including MA Route 3A and Interstate 93. The Property is seconds to several MBTA bus stops and is 1.5-miles from Quincy Center Station with service on the Red Line. The Property is convenient to national retailers and restaurants, area employers and schools, and recreation areas including Quincy’s marinas and pristine coastline. Quincy is an affluent south shore community approximately 10-miles south of Boston.
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.