March 24, 2022 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a 19 Central Street, a 30-unit apartment building in Somerville, Massachusetts. The desirable brick asset sold for $14,000,000 and $466,667 per unit.
Located in the Spring Hill neighborhood of Somerville, 19 Central Street is in the path of the newly developed Green Line Extension. The Property offered the rare opportunity to acquire a generational multi-family asset with significant upside potential in one of the hottest real estate markets in the region that is poised for future growth. The beautifully maintained, three-story building contains thirty (30) residential units consisting of fifteen (15), 1-Bedroom/1-Bedroom units, twelve (12), 2-Bedroom/1-Bathroom units, and three (3), studio units in 20,580 square feet of living area on a 0.56-acre parcel with parking for 33 vehicles. Since the buildings acquisition in 2019, 19 Central has undergone extensive renovations under current ownership. The majority of the units have been renovated with updated kitchens, bathrooms and flooring throughout. Additional renovations include refreshed common areas, updated electrical and window pane replacements. Building amenities include an on-site laundry facility, private storage, indoor bike racks and wall air conditioning units for all apartments. 19 Central Street is exceptionally well-located in the Spring Hill neighborhood, less than ½-mile from the popular shopping, dining, fitness, and entertainment options at Union Square and the Union Square Station (0.7 miles) as well as 0.8 miles from the MBTA’s Porter Square Station. Adding to 19 Central’s tremendous urban infill-location, the property sits just 0.7 miles to world renowned Harvard University and just over 1 mile to Harvard Square. The highly-walkable neighborhood offers a multitude of appealing live-work-play amenities, convenient public transportation and highway access, as well as proximity to the nearby commercial centers of Harvard Square, Kendall Square and Downtown 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.