Girolamo of Horvath & Tremblay facilitates $6.5 million apartment complex sale

October 16, 2020 - Front Section

Beverly, MA Stephen Girolamo of Horvath & Tremblay has completed the sale of a 24-unit apartment complex. Girolamo facilitated the transaction at a sale price of $6.5 million and $270,833 per unit.

614 Cabot St., constructed in 1968, is a brick apartment complex comprised of two 12-unit, three-story brick buildings each with 9,425 livable s/f (11,088 gross s/f) that sit on 2.19 acres. The buildings consist of 22 two-bedroom, one-bathroom units and two one-bedroom, one-bathroom units. The property has been well maintained and has excellent curb-appeal and 48 on-site parking spaces. This was a value-add transaction as the opportunity exists, through programmatic upgrades to the units, to significantly increase rents in a supply constrained market. 614 Cabot St. is located in a densely populated residential neighborhood near I-95. The property is situated along Cabot St., the main street traversing downtown, and offers access to an array of “downtown” amenities, including retail, restaurants, entertainment and public transportation. 

New England Real Estate Journal • 17 Accord Park Drive #207, Norwell MA 02061 • (781) 878-4540 • Contact