Malden, MA Dennis Kelleher and John Pentore, of Horvath & Tremblay, have arranged the sale of 120-120A Salem St. and 166 Mountain Ave. The portfolio sold at a price of $11.45 million and a price per unit of $181,746. Kelleher and Pentore represented the seller, Salem 2 Realty LLC and the buyer 120-120a Salem Street LLC in the transaction.
The 63-unit portfolio consists of three apartment buildings located on Salem St. and Mountain Ave. The properties are comprised of a mix of 10 studio apartments, 29 one-bedroom, one-bathroom units, 21 two-bedroom, one-bathroom units and 3 three-bedroom one-bathroom units. Off street parking is also available to tenants of the buildings.
The transit oriented location offers residents access to the Malden Center Orange Line stop located less than one mile away and is within three miles of Rte. 1 with access into Boston.
Horvath & 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 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.