January 18, 2022 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of The Agassiz, a 17-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 $11,250,000 and $661,764 per unit.
The Agassiz, one of the marquee buildings in Cambridge that has been under one ownership for generations, is located at 19 Agassiz Street in Avon Hill, just outside of Porter Square. The three-story building contains seventeen (17) residential units consisting of fourteen (14), 2-Bedroom/1-Bathroom units, two (2), studio units and one (1), 1-Bedroom/1-Bathroom unit in 21,674 square feet of living area in 27,684 square feet of gross area on a 0.21-acre parcel. The Property has tremendous curb appeal with a combination brick, stone, and stucco exterior, a terracotta clay tiled roof, granite exterior steps and stone pavers with meticulously maintained grounds. The building offers numerous upgrades throughout with most units featuring working fireplaces, four season porches, hardwood floors, granite countertops, gas stoves, and dishwashers. The property also offers an on-site laundry facility and on-site storage for the tenants. Situated in an incredible urban infill location on a tree-lined residential street and surrounded by stately, multimillion-dollar single-family homes, the Property is 0.2-miles from Massachusetts Avenue (MA Route 2A), just 0.4-miles from Porter Square, 0.6 miles to world renowned Harvard University and less than 1 mile to Harvard Square. The Agassiz, which was on the market for the first time in decades, offered the rare opportunity to acquire a seventeen-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.