BC Adams Street LLC, an affiliate of Beacon Communities LLC, has sold the Baker Chocolate Factory apartment complex in Boston to an affiliate of Fairfield Residential, for just over $24.1 million, said a broker involved in the transaction.
The broker is CBRE/New England, which represented the seller and procured the buyer.
Located in the Dorchester neighborhood of Boston, Baker Chocolate Factory Apartments is made up of three attached renovated mill buildings that were originally built in the late 1800s to serve as the headquarters for the Baker Chocolate Company. The buildings were then converted to residential use between 1982 and 1985. In 2008, Beacon acquired the buildings and undertook a major capital campaign, renovating unit interiors, together with common area upgrades and a conversion from oil to gas heat and hot water. In its present configuration, the complex has 133 apartments, including 80 one-bedroom apartments and 41 two-bedroom apartments.
The CBRE/New England team involved in negotiations included Simon Butler, executive vice president/partner, and Biria St. John, executive vice president/partner.
“Baker Chocolate Factory represents a truly one-of-a-kind mill conversion that underwent significant upgrades under Beacon’s watch and is now benefiting from the recent rise in rents in the urban areas,” St. John said in a statement.
Beacon Communities LLC is a multi-family housing development, investment, and management company with developments throughout New England, Maryland, Pennsylvania, and Virginia. The company currently owns nearly 50 communities with more than 12,000 units of housing.