November 30, 2023 – Spencer Smith of Horvath & Tremblay has successfully completed the sale of eighteen (18) multi-family units in New Bedford, Massachusetts. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $2,125,000.
The Union Street Apartments are located at 634-636 Union Street in New Bedford, Massachusetts. The two-story building contains eighteen (18) 1-Bedroom/1-Bathroom units with 13,556 square feet of living area in 14,031 square feet of gross area, on a 0.32-acre corner parcel. The well-maintained Property also features a landscaped central courtyard and twelve (12) on-site parking spaces. Each unit is separately metered for electric, heat and hot water, which the tenants pay directly. The landlord is solely responsible for domestic water and sewer. The Property is well-located in Downtown New Bedford and offers convenient access to the area’s major roadways, public transportation, and numerous retail amenities. New Bedford is one of the highest valued fishing ports in the United States and is home to a number of Historic Districts celebrating the city’s status as one of the world’s most important whaling ports in the 19th century. The location offers convenient access to US Route 6, Interstate 195, and MA Route 140, which connect with other highways in the area offering routes to Boston and Providence. The SRTA Terminal on Elm Street offers over 10 bus routes providing transportation throughout New Bedford and the surrounding areas as well as Peter Pan Bus service. Additionally, the South Coast Commuter Rail project will extend the MBTA’s existing Stoughton commuter line from Stoughton to New Bedford and Fall River on an electrified line. The Project is underway and should be completed with service beginning in 2024.
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.