South Boston, MA Dennis Kelleher and John Pentore of Horvath & Tremblay have completed the sale of three apartment buildings for $8.03 million.
Exclusively representing 42 North Capital in the partial disposition of their portfolio, Kelleher and Pentore sold 115 G St. for $2.6 million, 149 W 8th St. for $2.225 million and 870 E 5th St. for $3.2 million.
All the properties are fully occupied and underwent extensive renovations, featuring condo quality finishes including new kitchens and bathrooms with modern amenities, new forced hot air heating and central air conditioning systems in all units, new windows, new roofs and upgraded electrical services. Collectively, the properties closed at a 5.3% cap rate and $892,222 per unit.
South Boston has undergone significant gentrification in the 21st century, punctuated by the development occurring in the Seaport.
As of 2022, South Boston has 38,000 full-time residents in 3.1 square miles, and is bordered by Boston’s South End to the West, and by Dorchester to the south.
Southie has undergone several demographic transformations since being annexed to the city of Boston in 1804, and throughout the 21st century the neighborhood has become increasingly popular with millennial professionals. The locations offer convenient access to Boston’s best areas, including the forementioned Seaport District, Downtown Boston, Back Bay, the North End, the South End as well as the area’s local parks and beaches.
