Legacy-Owned 22-Unit Cambridge Multifamily Trades for $12.850M via Kelleher/Pentore TeamOctober 28, 2022 - By John Keith
CAMBRIDGE — In a neighborhood flushed with global life science companies’ driving its prosperity, it should be no surprise that an incredibly located multifamily investment listing would garner such immense attention; yet when a legacy hold reaps an eye-popping $583,091 per unit, it still warrants the ‘wow factor - even in Cambridge.
“The pricing on this generational asset is a real testament to the continued demand in the Cambridge market ... along with the amazing Life-Science/Bio-Tech job growth which leads to incredible rental demand,” relayed John Pentore, of Horvath & Trembley, who, along with multifamily investment partner Dennis Kelleher completed the successful trade of Pleasant Court Apartments. Pentore also noted its unparalleled infill location just steps to the Central Square T-Stop which allows tenants easy access to the employment centers of both Kendall and Harvard Square.
The desirable 22-Unit, just one mile from Harvard Square sold for $12,850,000. The well-manicured legacy-owned property is fully leased. It is confirmation to bring such a strong yield, according to Kelleher. “The property was extremely well maintained by the seller while also providing the buyer with upside by renovating the units with condo-quality finishes. The trophy asset had been owned and operated by RCG for decades, and the experience of both the seller and buyer, BlackStar Capital was instrumental in completing the sale given the turbulent market conditions.” Operating out of Chestnut Hill, Blackstar owns and operates core plus and value-add, middle-market, multifamily apartment communities in greater Boston, according to its website.
Favorably located, The Pleasant Court Apartments are at the intersection of Western Avenue and Pleasant Street and are 2-blocks from Central Square and the Central Square T-Station, and within a mile to Harvard Square, and Inman Square. It is also a short walk from the Kendall Square commercial district, one of the most prominent hubs for technology and life-science firms around the globe. Apartment demand in the neighborhood is driven by a diverse mix of families, young professionals, blue-collar workers, graduate students, employees and faculty from nearby Harvard University and MIT.
The twenty-two-unit property consists of a three-story building containing ten (10) 2-Bedroom/1-Bathroom units, eight (8) 1-Bedroom/1-Bathroom units, and four (4) 3-Bedroom/1-Bathroom units with 14,788 square feet of living area in 17,000 gross square feet on a corner parcel. Tenant amenities include a common laundry room, on-site storage, and a tandem parking spot along the side of the property.John Pentore Dennis Kelleher