Fervent Pace for Kelleher and Pentore; Multifamily Team Closes 3 Cambridge Deals For $10MMarch 15, 2019
CAMBRIDGE–The Horvath & Tremblay duo of Dennis Kelleher and John Pentore continue to be rewarded for their diligence in abutting Boston cities throughout the Middlesex County corridor. It’s most recent trio of trades in Cambridge accounted for nearly $10 Million in multifamily closings.
The team’s latest closing for 25 Gore Street brought a per-unit value of $518,333 and $550 per foot - a price that Pentore says will continue to build returns for the investors. “The asset is located in close proximity to Lechmere Station as well as the Cambridge Crossing Development, not to mention Kendall Square, one of the top Life Science clusters in the country,” said Pentore. “The property’s versatility allows the buyers to increase the buildings livable square-footage, adding more bedrooms and maximizing rents. It is and will be a great asset to own and they are extremely excited with the purchase.”
The 3-story, 6-unit apartment building with 5,646 of livable area sold for $3,110,000.
Two additional completed Cambridge closings for the multifamily pair came courtesy of the sales of 29 Portsmouth Street for $3,618,000 as well as 131-137 Second Street for $2,550,000. The separate dispositions offered the buyers the opportunity to own highly desirable apartment buildings in one of the strongest real estate markets in the region.
For the Portsmouth Street asset, Kelleher says it was a long-held legacy sale that earned highly-contested attention and value. “The property had been in the family for over 50 years. A 6-unit apartment building in Kendall Square is a rare asset to be made available, which resulted in a frenzy of activity from the marketplace,” Kelleher added. 29 Portsmouth, which sold at a 4.4% cap, has 6,486 SF of livable space on a 0.8-acre lot.
Kelleher said the Second Street multi sold at $690 per-square-foot and $637,500 per unit, and is situated in an excellent urban-infill location in East Cambridge - just steps to Lechmere Station as well as a few blocks from Binney Street in Kendall Square. The Property consists of two, 2-bedroom units and two, 2-plus bedroom units in 3,696 rentable square feet on a .07-acre lot.John Pentore Dennis Kelleher