Wingate Acquires Historic Dorchester Lower Mills Apartments

A CBRE team led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler arranged the sale of the Baker Chocolate Factory, a 133-unit apartment community located in Boston’s Dorchester Lower Mills neighborhood. Although CBRE did not disclose the sale price, the Boston Business Journal reported it as $41 million.

CBRE represented the seller, Chartwell Chocolate Factory, LLC, a partnership created and operated by Makor Capital, LLC. The team also procured the buyer, an affiliate of Wingate Multifamily, LLC. Originally developed as the Baker Chocolate Factory in the late 19th century, the property was converted into housing in the 1980s and renovated in 2008.

Butler said, “We are pleased to have represented the seller in the sale of Baker Chocolate Factory, having sold it to them in 2017. The buyer is well-positioned to execute their business plan and generate healthy long-term returns given the uniqueness of the product, location and lack of new housing supply.”

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