June 29, 2023 – Dennis Kelleher and John Pentore of Horvath & Tremblay have successfully completed the sale of thirteen (13) multi-family units in Cambridge, Massachusetts. Horvath & Tremblay exclusively represented the seller in the transaction. The desirable asset sold for $7,200,000 and $553,846 per unit.
The multi-family property is located at 81-91 Winter Street in the East Cambridge neighborhood of Cambridge, Massachusetts. Situated in an incredible high-density, urban-infill, East Cambridge neighborhood, the highly-walkable location is just steps from the Green Line at the New Lechmere Station, Cambridge Crossing, Kendall Square, MIT, MGH, the Charles River Esplanade, and Downtown Boston. 81-91 Winter Street consists of three adjacent multi-family buildings and one private parking lot with four spaces. The Property contains a total of thirteen (13) units, comprised of one (1), Studio unit, two (2), 1-Bedroom/1-Bathroom unit, four (4), 2-Bedroom/1-Bathroom units, one (1) 3-Bedroom/1-Bathroom unit, four (4), 3-Bedroom/3-Bathroom townhouse units, and one (1) 4-Bedroom/2-Bathroom unit with 12,580 square feet of living space in 16,130 square feet of total gross area on 0.193-acres of land. All of the units are separately metered for heat, hot water and electricity and both 83 and 85-87 Winter Street have new roofs and new siding as well as new heating systems throughout (individual boilers and gas meters). 81-91 Winter Street offered the opportunity to acquire a fully leased investment Property with significant upside in an exceptional, urban-infill location. The Property offers the ability to increase rents through programmatic upgrades to the remaining unrenovated units. The East Cambridge submarket continues to accelerate thanks to continued commercial and infrastructure development in the area and rents are expected to rise over the coming years.
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.