April 7, 2021 – Stephen Girolamo of Horvath & Tremblay has arranged the sale of The Cabot Collection, a 74-unit multi-family portfolio located in Beverly, Massachusetts. The 8-building portfolio, situated in Downtown Beverly, sold for $17,600,000, $228,571/unit and a 5.9% cap.
The Cabot Collection consists of 74 residential units with 3 commercial tenants in 8 buildings centered around Cabot Street in Downtown Beverly. The Portfolio offered the rare opportunity to acquire a critical mass of investment properties in a highly sought after, supply-constrained downtown market within the Boston MSA. The unit matrix consists of an attractive mix of Studio Units, 1-Bedroom units, 2-Bedroom units and 3-Bedroom units, which satisfies the high-demand for work-force housing in the Boston/North Shore real estate market. Cabot street is the main street in Downtown Beverly and offers convenient access to an array “downtown” amenities including Stop & Shop, CVS, Walgreens, the Beverly Depot Commuter Rail Station, and numerous bars, restaurants, cafés and shops. Located just 15 miles north of Boston, Beverly is a highly sought-after commuter location, with convenient access to Boston and the communities along the North Shore via Interstate 95, MA Route 128, US Route 1, and the Newbury/Rockport Line of the MBTA Commuter Rail, which has five stops within the city. Beverly is home to two colleges, Endicott College and Montserrat College of Arts, and Gordon College is just a few miles away in neighboring Wenham.
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.