Colliers Closes Boston-Area Multifamily Sale

The 62-unit Lower Mills community last changed hands in 2013 for a little over $12 million.
Schoolhouse at Lower Mills, Dorchester, Mass.

Schoolhouse at Lower Mills, Dorchester, Mass.

BostonColliers International recently announced that its Boston office closed the sale of Schoolhouse at Lower Mills, a 62-unit multifamily property in Dorchester, Mass.

The buyer and financial terms of the transaction have not been disclosed. The asset last changed hands in April 2013, when Urban Capital Partners acquired Schoolhouse from New Boston Fund for approximately $12.1 million.

The community is located at 40 River St., 7 miles south of Boston’s Financial District, and first opened in 2008. Consisting of a converted 1850s schoolhouse and a recently constructed four-story building, the property offers a total of 48 one-bedroom and 14 two-bedroom apartments. The community features 12 different floor plans that span between 821 and 1,032 square feet, and boasts an average rent of $2,083 year-to-date, according to Yardi Matrix data.

Schoolhouse at Lower Mills features a fitness center, clubhouse, 73 off-street parking spots, washer/dryer in all units, dual-pane glass, individual air conditioning, granite countertops, hardwood floors and above-standard ceiling heights. Yardi Matrix data also shows that the occupancy rate rests at roughly 93.5 percent.

Located within walking distance from the Central Avenue light rail station for the Mattapan Trolley, the property is also situated just feet away from a Star Market and within easy reach of several retail and dining options on both sides of the Neponset River. A Planet Fitness, CVS, the Milton Yacht Club, Milton Village Hardware and Bob’s Appliance Services are also nearby.

“Schoolhouse at Lower Mills is a stable investment opportunity in an up-and-coming neighborhood,” Chris Sower, senior vice president of Colliers’ multifamily investment sales team, said in prepared remarks. “The asset is close to Boston for the urban convenience, yet enjoys the suburban feel of Milton & Quincy,” he added.

Image courtesy of Yardi Matrix