Chartwell Holdings Buys Baker Chocolate Factory Apts. for $35.2 Million
Chartwell Holdings Buys Baker Chocolate Factory Apts. for .2 Million
Fairfield Residential Sells 133-Unit Mill-Turned-Apt. Complex
Chartwell Holdings, a Newton, MA-based real estate firm focused on the investment and management of multifamily communities, acquired the historic Baker Chocolate Factory Apts. at 1220 Adams St. in Dorchester, MA for $35.2 million, or about $265,000 per unit.
The three historic buildings were constructed back in the 1800’s as the headquarters for the Baker Chocolate Co. Converted to an apartment complex in the 1980’s, the 133-unit community consists of 12 studios, 80 one- and 41-two bedroom apartments, averaging 792 square feet.
The seller, Fairfield Residential, completed several improvements to the urban infill community in their time as owner. Currently, the complex features a fitness center, courtyards and a picnic area along the Neponset River.
Simon Butler and Biria St. John of CBRE/New England’s capital markets division represented the seller.
For more information, please refer to CoStar COMP # 4098483.