JV Invests $23M in Boston-Area Community
- Nov 22, 2017
A joint venture of Blackfin Real Estate Investors and True North Management Group has acquired The Bixby, a 128-unit, high-rise apartment community in Haverhill, Mass., for $22.5 million. CBRE/New England Capital Markets brokered the sale on behalf of the seller, a partnership between an affiliate of Boston Andes Capital LLC and William Braucher, and procured the buyer.
Located at 170 Washington St., The Bixby provides access to the adjacent Haverhill MBTA Commuter Rail Station, as well as to many employment centers along interstates 93, 95 and 495. Originally constructed in the 1920s, the 12-story building was converted to apartments in 1988, with an additional two-story garage. The property comprises a mix of studios, one- and two-bedroom units, averaging 875 square feet.
Boston Andes Capital LLC invested some $4 million to renovate the community during 2016 and 2017. Improvements include new central boilers and central chiller, upgraded lobby, leasing office and entryways. The commercial space of the building was also converted into eight new units. Community amenities include:
- resident lounge with entertainment kitchen
- smart TVs
- pool and shuffle board tables
- outdoor riverfront deck
- game room
- fitness center
- landscaped courtyard
The acquisition marks Blackfin Real Estate Investors’ first entry into the Boston market.
“We are very excited to acquire our first asset in the Boston metro under our new platform,” said Doug Root, co-founder & managing partner at Blackfin Real Estate Investors, in prepared statements. “Boston is a tough market to break into and we hope that this is first of many assets that we will own in the market.”
Image courtesy of CBRE/NE