Beverly, MA Stephen Girolamo of Horvath & Tremblay has arranged the sale of The Cabot Collection, a 77-unit multifamily portfolio. The eight-building portfolio, situated in downtown, sold for $17.6 million, or $228,571 per unit and a 5.9% cap.
The Cabot Collection consists of 74 residential units and three commercial tenants in eight buildings centered around Cabot St. in downtown. The portfolio offered the rare opportunity to acquire a critical mass of investment properties in a highly sought after, supply-constrained downtown market within the Boston MSA. The unit matrix consists of a mix of studio units, one-bedroom units, two-bedroom units and three-bedroom units, which satisfies the high-demand for workforce housing in the Boston/North Shore real estate market.
Cabot St. is the main street in downtown and offers convenient access to an array of amenities including Stop & Shop, CVS, Walgreens, the Beverly Depot Commuter Rail Station, and numerous bars, restaurants, cafés and shops. Located just 15 miles north of Boston, Beverly is a highly sought-after commuter location, with convenient access to Boston and the communities along the North Shore via I-95, Rte. 128, US Rte. 1, and the Newbury/Rockport Line of the MBTA Commuter Rail which has five stops within the city.