Haverhill Multifamily Development Acquired for $24.5 Million

Scully Company announced their recent acquisition of The Bixby, a 128-unit, multifamily asset located in Haverhill, MA within the fast-growing Northern Essex submarket, for $24,585,000. The Bixby marks Scully Company's second community in New England and is consistent with the focused portfolio expansion in the region.

Scully acquired the market rate property from Blackfin Real Estate Investors with the disposition and financing coordinated by Berkadia. The Pennsylvania-based firm intends to modernize select unit interiors, enhance common areas and provide a best-in-class living experience for residents.

"We are thrilled to acquire The Bixby and enjoyed working with the seller and Berkadia teams. The excellent location and ability to offer residents a well-amenitized living experience on the idyllic  Merrimack River made for an attractive investment profile. We look forward to being good stewards of the community and furthering our portfolio in New England," said John Schonborn, Managing Director of Investments for Scully Company.

The Bixby offers pet-friendly, modern, studio, one, and two-bedroom apartments. While a suburban location, the community is transit-oriented with the MBTA station just across the street and provides residents access to 25+ shops and restaurants along Washington Street within a 5-minute walk. Existing community amenities include a resident lounge with pool tables, shuffleboard, and smart TVs, an entertainment kitchen, 24-hour fitness center, bark park, resident storage, dedicated package room, and secure on-site structured parking.

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