CBRE announced that it has arranged the $77 million sale of Hamel Mill Lofts, a 305-unit historic renovated mill apartment community located at 40 Locke Street in Haverhill, Massachusetts.
CBRE Capital Markets’ multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller. The team also procured the buyer, an affiliate of the DSF Group, from Boston, Massachusetts.
Hamel Mill Lofts is an award-winning historic adaptive reuse community in the L.H. Hamel Leather Company complex originally built between 1886 and 1929. Added to the National Register of Historical Places in 2009, the four buildings were fully rehabilitated into luxury residential living in 2010.
Hamel Mill Lofts is comprised of four different buildings with a mix of two and eight-story residential properties, including a clubhouse, gym and movie theater. Each building has a distinct finish in the kitchen. There are a mix of one and two -bedroom apartment homes with an average size of 846 sq. ft. The community is within walking distance to the Haverhill MBTA and Amtrak stations, offering easy access to downtown Boston.
“We are pleased to have represented the seller in the sale of Hamel Mill Lofts. This marked the successful conclusion of their investment plan,” stated Butler. “Additionally, the asset still provides DSF with the ability to execute their value-add strategy and generate strong long-term returns.”
“Hamel Mill Lofts offers The DSF Group the ability to reposition a historically significant property while generating strong long-term returns though the implementation of our signature Halstead branding and amenity program,” stated Josh Solomon, President of The DSF Group.