August 28, 2023 – Dennis Kelleher, John Pentore and Spencer Norton of Horvath & Tremblay have arranged the sale of American Woolen Mills, a 42-unit multi-family investment property in Lawrence, Massachusetts. Horvath & Tremblay represented the seller and procured the buyer to complete the transaction at a sale price of $5,350,000.
The American Woolen Mills are located at 1-14 Wood Way, 1-14 Washington Way and 1-14 Prospect Way in Lawrence, Massachusetts. The Property features six well maintained two-story brick buildings and contains a total of forty-two (42) townhouse style units comprised of thirty (30) 2-Bedroom/1-Bathroom units and twelve (12) 3-Bedroom/2-Bathroom units, with 41,036 square feet of living area and gross square feet on 1.07-acres of land. The Property is subject to tax credits and requires that thirty-five of the forty-two units are restricted to 60% AMI adjusted for household size. The remaining seven units are market rate. The Property offers a value-add opportunity for an investor by raising in-place rents to 2023 rent restriction limits and holding through the remaining 15-year compliance period. The American Woolen Mills feature well maintained units with hardwood floors and full kitchens with an oven/range, dishwasher, and microwave. The townhouse style units also offer direct-entry access and individual basements. Located in the north suburbs of Boston (25 miles from downtown), Lawrence benefits from a solid transportation infrastructure, and proximity to the largest city in New England. The Property is located in a residential urban infill area, with walkable amenities including area parks, local and national restaurants, retailers, and grocery stores. The Property is ideally positioned within 1,000 feet of the Lawrence Train Station with service on the MBTA’s Haverhill Line, and also provides direct access to Boston via Interstates 93 and 495, MA Route 28.
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.