Berkeley Investments puts new Millbrook Lofts in Somerville up for sale, building could fetch $60 million
Berkeley Investments has put its’ new 100-unit Millbrook Lofts luxury apartment building in Somerville up for sale. Millbrook Lofts, which was completed in 2016, is 97%-leased, presenting a stable asset located steps to Kendall Square, Downtown Boston and rapid transit, in addition to Union Square, site of an upcoming MBTA Green Line station and $1 billion, 2.3-million-square-foot mixed-use development. Millbrook Lofts represents the transformational adaptive reuse of a 100-year-old cold storage facility into a contemporary loft-style apartment community, with residences including studios, one-bedrooms and two-bedrooms and multiple art-laden common spaces with a “creative living” theme.
Millbrook Lofts’ sale is expected to close at approximately $60 million, or $600,000 per unit. Berkeley has retained Holliday Fenoglio Fowler, L.P. (HFF) to serve as Millbrook Lofts’ listing broker. Residences at Millbrook Lofts range in size from 500 to 1,300 square feet, with an average unit size of 886 square feet. Rentable square feet at Millbrook Lofts total 88,601; the sale would amount to approximately $677.19 per rentable square foot. Millbrook Lofts is designed with an overall modern aesthetic that blends perfectly with historic loft elements. “Millbrook Lofts is an exceptional example of an adaptive re-use that captures the historic charm of the building's previous life while offering its residents modern conveniences and amenities,” said Mark Campbell, Director at HFF. “The authenticity of the building has certainly resonated with renters, which is reflected in the project's quick lease up and overall performance to date.”
Apartments at Millbrook Lofts feature exposed concrete ceilings and columns, reflecting a minimalist, industrial feel with contemporary amenities and finishes. “Our decision to preserve the concrete structure of the building and celebrate its industrial character resulted in a more authentic living experience for the building’s residents,” said Young Park, President of Berkeley Investments. Millbrook Lofts features multiple communal amenities, including a roof deck with sweeping skyline views and multiple common spaces, fostering a strong sense of community and a great networking opportunity for Boston’s innovators and professionals. “Being in the design industry myself, finding a community of artists and creatives living right here in my building was such an awesome opportunity for finding new friends and networking,” says Millbrook resident Mark Alexander.