BOSTON – CBRE/New England’s Capital Markets team announced the sale of Baker Chocolate Factory Apartments, a 133-unit urban infill apartment community located in the Dorchester Lower Mills in Boston for $35.2 million.
CBRE/NE multi-housing experts Simon Butler, Vice Chairman/Partner and Biria St. John, Vice Chairman/Partner, represented the seller, Fairfield Baker Chocolate Factory LLC., an affiliate of Fairfield Residential, and procured the buyer, Chartwell Chocolate Factory, LLC., an affiliate of Newton-based Chartwell Holdings.
“We are pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s St. John. “Baker Chocolate Factory Apartments represents a truly one-of-a-kind mill conversion that underwent significant upgrades under Fairfield’s ownership, but offers long-term upside through continued upgrades coupled with the continued gentrification of the neighborhood.”
Baker Chocolate Factory Apartments consists of three attached historic renovated mill buildings that were originally built in the late 1800s to serve as the headquarters for the Baker Chocolate Company. The buildings were then converted to residential use between 1982 and 1985. Community amenities include elevator access, a fitness center with cardio and strength training equipment, beautiful courtyards and picnic area along the Neponset River.
The unit mix is comprised of 12 (9%) studios, 80 (60%) one-bedroom apartments and 41 (31%) two-bedroom apartments with an average overall unit size of 792 SF. Units feature upscale condo-quality finishes including granite-look countertops, white lacquer finish cabinets, a stainless steel appliance package, vinyl plank wood-look flooring in kitchens, living rooms and bathrooms. Many of the units feature exposed brick walls with oversized windows, 9-12’ ceiling heights and views of the Neponset River.
Chartwell Holdings LLC is multifamily real estate investment and company founded in 2000 by Christopher Wyett and Todd Abedon. Chartwell seeks to acquire high quality, multifamily properties having unrecognized value in markets with strong long-term rent growth fundamentals and constraints on new apartment supply. Chartwell enhances investor value through strategic capital improvements, tenant repositioning and/or implantation of best management practices. Through its affiliates, Chartwell currently owns and/or manages an apartment portfolio of approximately 7,050 units comprised of 25 properties having a market value in excess of $865 million.