Brookfield Properties Sells Historic Boston Community
The 305-unit adaptive reuse asset was rehabilitated in 2010.
Brookfield Properties has sold its apartment community in Haverhill, Mass., for $77 million. CBRE represented the seller, as well as procured the buyer, an affiliate of the DSF Group. The asset is a renovated mill apartment community with a total of 305 units.
The team of CBRE Capital Market’s multifamily experts Simon Butler, Biria St. John and John McLaughlin, arranged the sale. According to Yardi Matrix data, Brookfield Properties owned Hamel Mill Lofts since December 2018, when the company acquired Forest City Enterprises. Forest City first celebrated the opening of the renovated development in December 2008.
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Hamel Mill Lofts was originally built between 1886 and 1929. Located at 40 Locke St., the property is one of four buildings in the L.H. Hamel Leather Co. complex to be redeveloped into luxury apartments. The rehabilitation took place in 2010 after the buildings were added to the National Register of Historical Places in 2009.
A mix of two and eight stories, the property comprises one- and two-bedroom units with an average size of 846 square feet. While most of the apartments are considered luxury, a certain number of units are set aside as affordable. These affordable units are a necessity, as average rental rates in the Boston metro went up 1.3 percent on a trailing three-month basis through April.
Community amenities include a fitness center and movie theater. The property is within walking distance to Amtrack and Haverhill MBTA stations, providing access to downtown Boston.