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.