The Bixby Update 11/24/17

Renovated luxury apartment tower in Downtown Haverhill sold for over $23 million, additional renovations planned

Blackfin Real Estate Investors and True North Management Group have acquired The Bixby, a renovated 128-unit luxury apartment tower in burgeoning Downtown Haverhill, for $23.475 million. The sale amounts to over $183,000 per unit. The seller, a partnership of an affiliate of Boston Andes Capital LLC and William Braucher, acquired the building in July 2011 for $12.2 million, nearly $102,000 per unit, and invested $4 million in renovations to the building in 2016 and 2017. Renovations included the conversion of the building’s commercial space into eight new units, as well as common area and amenity space improvements. CBRE/New England Capital Markets represented the seller of The Bixby and procured the buyer.

The Bixby features a mix of studio, one- and two-bedroom units, averaging 875 square feet, and is managed by Greystar. The acquisition is Blackfin’s first entry into the Boston real estate market. Blackfin and True North intend to perform additional renovations to The Bixby, including installing luxurious new finishes within residences, upgrading the building's parking garage and adding a new dog park, grilling area, virtual concierge system, dog wash station and bike repair shop. The Bixby is located in the heart of Downtown Haverhill, steps from MBTA commuter rail service to Downtown Boston as well as new developments such as The Heights at Haverhill, a $30 million mixed-use building that will be the first 10-story building in Downtown Haverhill in 30 years and one of Downtown Haverhill’s largest development projects.

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