August 21, 2018 – Stephen Girolamo, Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of an 18-unit, multi-family portfolio located on Phillips and Pleasant Street in Beverly, Massachusetts. The value-add assets sold for $3,400,000 at a 4.06% cap rate.
The Portfolio consists of four apartment buildings located at 3, 5 and 7-9 Phillips Street and 11-13 Pleasant Street. Containing 18 units in 16,880 rentable square feet with 18 off-street parking spaces, the properties are situated in a high-density residential neighborhood adjacent to Route 1A in downtown Beverly. The location is within walking distance to numerous shopping, dining and entertainment options as well as a ½ mile to the MBTA commuter rail service at Beverly Depot Station.
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.