February 19, 2025 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of a thirty (30) unit multi-family portfolio in Chelsea, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer in the transaction. The desirable asset sold for $7,800,000.
The multi-family property is located at 148, 156-160, and 161-165 Park Street in Chelsea, Massachusetts (the “Property”). The well-maintained Portfolio is located seconds from Route 1, providing immediate access to the Tobin Bridge and Downtown Boston. With the majority of in place rents on a tenant at will basis, the opportunity exists to acquire an asset in a continuously growing, high demand real estate market that offers significant upside. The in-place rents are significantly below market rates and the opportunity exists to drive rental rates through programmatic upgrades and renovations to the kitchens and bathrooms in the unrenovated units, allowing the incoming owner to maximize rents in a supply constrained market. The Park & Pearl Portfolio is comprised of three (3) multi-family buildings and contains thirty (30) residential units comprised of four (4), 3-Bedroom/1-Bathroom units, seventeen (17), 2-Bedroom/1-Bathroom units, and nine (9) 1-Bedroom/1-Bathroom units with 24,219 square feet of living area in 33,797 total square feet on a combined 0.24-acres of land. Situated along Park and Pearl Streets in the heart of Chelsea, a high-density urban-infill city just northeast of downtown Boston, the Portfolio is exceptionally well positioned a few blocks from US Route 1 and seconds from Broadway, one of the area’s primary commercial corridors. The Portfolio offers convenient access to US Route 1 (Northeast Expressway) and MA Route 1A as well as Interstates 90 and 93. Public transportation is readily available just steps from the Portfolio along Park Street, with MBTA buses providing regular service, and Train Service from the Chelsea Station on the MBTA Commuter Rail (Newburyport/Rockport Line), and service along the MBTA’s silver line just 0.6-miles away. The Portfolio is close to area shopping and offers numerous dining options and entertainment venues. Additionally, the Portfolio enjoys close proximity to Downtown Boston (3 miles) and Boston’s Logan International Airport (2 miles).
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.