Baker Chocolate Factory Apartments Update
Baker Chocolate Factory Apartments in Dorchester’s Lower Mills sold for $35.2 million
Baker Chocolate Factory Apartments, a 133-unit upscale apartment community located in Dorchester’s Lower Mills neighborhood along the Neponset River, has sold for $35.2 million. The sale amounts to nearly $265,000 per unit; apartments include studios, one-bedrooms and two-bedrooms.
The community’s buyer is Newton, MA based Chartwell Holdings. The Baker Chocolate Factory Apartments’ seller, Fairfield Residential, acquired the community for just over $24.1 million, or $181,000 per unit, in January 2014 from Beacon Communities. Both transactions were brokered by CBRE/New England, who in both cases represented the seller and procured the buyer.
Berkeley Point Capital provided $23.5 million in financing towards Chartwell’s acquisition. Baker Chocolate Factory Apartments is located steps from the MBTA Red Line, as well as Lower Mills’ multiple restaurants, with amenities including a fitness center, courtyards and a riverfront green picnic area.