Fairfield Residential Sells 133-Unit Boston Asset
CBRE facilitated the sale of Baker Chocolate Factory Apartments, a three-building property converted for residential use in the 1980s.
by Beata Lorincz
Fairfield Residential has sold Baker Chocolate Factory Apartments, a 133-unit urban infill community located in the Dorchester Lower Mills area of Boston. An affiliate of Chartwell Holdings bought the property. CBRE/New England’s Capital Markets team, consisting of Vice Chairmen & Partners Simon Butler and Biria St. John, represented the seller and procured the buyer.
The property is located at 1220 Adams St., in the historic Dorchester neighborhood of southern Boston and comprises three attached buildings. The asset was constructed in the late 1800s as the headquarters for the Baker Chocolate Co. Between 1982 and 1985, the properties were converted for residential use.
The asset offers 12 studio units, 80 one-bedroom and 41 two-bedroom apartments. Community amenities include elevator access, a fitness center with cardio and strength training equipment, landscaped courtyards and a picnic area along the Neponset River.
The residential units feature high-quality finishes, like:
- white lacquer finish cabinets
- granite-look countertops
- stainless steel appliance package
- vinyl plank wood-look flooring in kitchens, living rooms and bathrooms
- exposed brick walls
- oversized windows
- 9- to 12-foot ceiling heights
- views of the Neponset River
“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,” said CBRE/NE’s St. John, in prepared remarks.
In another recent deal Fairfield Residential sold Newberry Square, a 161-unit Class A community on the northern outskirts of Seattle.
Image courtesy of CBRE