December 16, 2020
CBRE has arranged the $13.8 million sale of Mill Falls Apartments in Methuen, MA.
Originally built in 1826 as the Methuen Cotton Mills, the property was redeveloped in 2001, utilizing a combination of Low-Income Housing Tax Credits, State and Federal Historic Tax Credits to fund the conversion of the building into a 97-unit mixed-income apartment community. The six-story elevator building offers 11-foot to 14-foot ceilings and more than 50 different floor plans, including some with an additional office or loft.
Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller in the transaction, Methuen Mills LP, an affiliate of Silver Street Development Corp. The buyer was Standard Communities, in their first acquisition in Massachusetts.
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