Representatives of CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler announced the sale of the Baker Chocolate Factory, a 133-unit, apartment community located in Dorchester Lower Mills, Massachusetts.
CBRE exclusively represented the seller, Chartwell Chocolate Factory, LLC, a partnership created and operated by Makor Capital, LLC The team also procured the buyer, an affiliate of Wingate Multifamily, LLC.
The community is a unique historic mill located along the Neponset River. The property is comprised of three separate buildings and offers a mix of studios, one-bedroom and two-bedroom apartment homes, with an average apartment size of 793 square feet. The community offers expansive amenities, including a fitness center, and business center. The property is strategically located in the heart of downtown Dorchester Lower Falls and is walkable to numerous retail amenities as well as the Milton “T” stop offering easy access to numerous employment centers.
“Wingate is proud to bring its longstanding mixed-income experience to the stewardship of this unique and historically significant asset benefitting both of Boston’s best urban and suburban markets. We are thankful to Chris Wyett and Jason Shulman of Makor Capital for their investment in the property and professionalism during the transaction. As with previous Wingate acquisitions where CBRE represented the seller, Simon Butler and Biria St. John offered a wealth of knowledge efficiency and support to the process. Newmark’s Capital Markets team supported a smooth Freddie Mac loan assumption that Wingate greatly appreciated” – Elizabeth Schuster, Wingate Multifamily, LLC
CBRE’s Simon Butler said, “We are pleased to have represented the seller in the sale of Baker Chocolate Factory, having sold it to them in 2017. The buyer is well-positioned to execute their business plan and generate healthy long-term returns given the uniqueness of the product, location and lack of new housing supply.”
CBRE
