Girolamo of Horvath & Tremblay sells Cabot Collection for $21.5 million - a 77-unit multi-family portfolio

Beverly, MA Stephen Girolamo of Horvath & Tremblay has completed the sale of the Cabot Collection, a 77-unit multi-family portfolio in downtown. Horvath & Tremblay exclusively represented the seller and sourced the buyers to complete the transactions at a combined sale price of $21.5 million, which is $279,220 per unit.

The Cabot Collection contains 77 units comprised of 74 residential units with three commercial tenants in eight buildings centered around Cabot St. The Cabot Collection offers a mix of studio units, one-bedroom units, two-bedroom units and three-bedroom units, which satisfies the high demand for work-force housing in the Boston/North Shore real estate market. Over the last several years, approximately 68 of the 77 units have been renovated, and more than half of the properties feature newer roofs, most common areas have been cosmetically upgraded and enhanced and many of the kitchens have been redone with granite countertops and modern amenities. The opportunity exists to increase rents by continuing with the programmatic upgrade of the unrenovated residential units to push rental rates in a high demand/limited supply market. 

The Cabot Collection represents a critical mass of investment properties in a supply-constrained downtown market within the Boston MSA. Located 15 miles north of Boston, the city is a highly sought after commuter location, with convenient access to Boston and the communities along the North Shore via I-95, MA Rte. 128, US Rte. 1, and the Newbury/Rockport Line of the MBTA Commuter Rail which has five stops. The city is also home to two colleges, Endicott College and Montserrat College of Arts, and Gordon College is just a few miles away in neighboring Wenham.