News: Front Section
Posted: April 17, 2020
Kelleher and Pentore of Horvath & Tremblay handle $10 million sale on behalf of the seller, Winter Park LLC, and buyer, Sabab Realty LLC
Watertown, MA Dennis Kelleher and John Pentore of Horvath & Tremblay have completed the sale of 17 Winter St. The 28-unit brick multifamily sold for $10 million, closing at a 3.74% cap rate. The duo exclusively represented the seller, Winter Park LLC, and buyer, Sabab Realty LLC.
17 Winter St. is a generation asset which had been under one ownership for the past 40 years. The property is a four-story, brick-style, apartment building containing 28 units in 28,302 s/f of livable area on a 0.61-acre parcel in Watertown Sq. The property features desirable unit counts, off-street parking for 33 vehicles, landscaping, separately-metered electricity, individual balconies/patios and laundry room in the basement for all tenants.
The asset is situated in an urban infill location and an amenity-rich residential neighborhood adjacent to the Watertown Sq. commercial district. Watertown Sq. is a commercial district with numerous retailers, restaurants, nightlife and public transportation options. The location is six miles from downtown Boston and is appealing to commuters for its proximity to The Mass Pike (I-90), Storrow Dr. and I-95/Rte. 128.
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.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
Columns and Thought Leadership
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.