Chartwell Holdings has acquired the Baker Chocolate Factory Apartments in the Dorchester Lower Mills area of Boston in a $35.2 million deal. Converted for residential use in the 1980s, the 133 unit property comprises three attached buildings. The asset was constructed in the late 1800s as the headquarters for the Baker Chocolate Co. Today, it’s comprised of 12 studio units, 80 one-bedroom and 41 two-bedroom apartments. CBRE/New England’s Capital Markets team, consisting of Vice Chairmen & Partners Simon Butler and Biria St. John, represented the seller, Fairfield Residential and procured the buyer.
“Baker Chocolate Factory Apartments represents a truly one-of-a-kind mill conversion that underwent significant upgrades under Fairfield’s ownership, but offers long-term upside through continued upgrades coupled with the continued gentrification of the neighborhood,” said CBRE’s St. John.
