Urban Loft-Style Apartment Building for Sale in Somerville, Massachusetts

Thursday, June 15, 2017

Update:  This property is no longer on the market. Please click here to be redirected to our current real estate investment listings.

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale Millbrook Lofts, a 100-unit, LEED Gold loft style apartment community in the Boston-area community of Somerville, Massachusetts. Completed in 2016, the 97-percent-leased apartment building for sale reflects creative living derived from the adaptive reuse of a century-old cold storage building remade as a modern, loft-style apartment community. 

Until 2014, the building was used as a cold storage warehouse, primarily for seafood, serving the needs of Boston’s markets and restaurants for decades. Once windowless industrial monolith, the property has been transformed into an inviting apartment community that builds on the existing structure and preserves the building’s fundamental character while introducing new contemporary elements, including high-exposed concrete ceilings, floor-to-ceiling windows, modern finishes with historic charm and generous living spaces.

Additionally, an eighth floor was added that provides additional apartments with private terraces and a premium finish package, maximizing views and creating a common roof deck with living green roof features and sprawling city views. In addition to its aesthetic appeal, the building’s concrete structure provides a unique, physical quality and durability that is truly unmatched in the Boston market. Unlike any other building in the market, Millbrook Lofts reflects the creative character that has made Cambridge and Somerville two of the hippest, most innovative communities in the country.

The multi-housing building for sale provides residents with unmatched amenities, including an expansive lobby; gallery and media room with a host’s kitchen, coffee bar and flat-screen television; rooftop deck; fitness center with cardio and strength training equipment; usable green space with seating and shade; complimentary Wi-Fi in common areas; on-site garage parking with electric car charging stations; secure garage bicycle parking and personal storage lockers.

Located at 9 Medford Street in Somerville, Millbrook Lofts is ideally situated on the Cambridge city line near Lechmere Station. The area has a Walk Score® of 92, making it a walker’s paradise, and a very bikeable Bike Score® of 82. Additionally, with a Transit Score® of 79, the area is considered to have excellent transit that is convenient for most trips.

Multi-Housing Building for Sale Investment Highlights

  • Unique Loft-Style Living:  Millbrook Lofts comprises distinctive and inventive studio, one bedroom, and two-bedroom loft-style apartment homes featuring open concept layouts complete with vaulted 10- to 12-foot ceilings and eight-foot windows with expansive city views. Units feature modern interior finishes, contrasted against exposed concrete columns, and select apartments have private balconies or roof-top terraces. Residents enjoy open-concept style kitchens with quartz countertops, full-height glass tile backsplashes, stainless steel appliances and bathrooms with porcelain tile flooring and tub/shower combination with tile surround. Units feature high-efficiency lighting packages, including track lighting, energy saving and high-efficiency heating/cooling systems in addition to having an in-unit washers and dryers.
  • Creative Living:  Creative living is the name of the game at Millbrook Lofts. Art and artist culture are such important parts of Somerville that Millbrook Lofts offers five designated loft apartments for artist live/work spaces. Additionally, the lobby, common spaces and hallways feature impressive works from local artists, including works by a Nobel Prize winner and a sliding panel wall mural in the resident lounge.
  • Unparalleled Access:  The building is located just off of Route 28 (McGrath Highway) in Somerville steps from Cambridge, near the MBTA’s Lechmere Station and a short walk to Kendall and Union Squares, so residents are minutes from everything the area offers. Millbrook Lofts superior access to Boston, Cambridge and suburban markets along Route 128 and Route 93 appeals to residents with commutes in opposite directions, allowing residents to get to their destination easily and quickly.
  • Steps from the Innovation Capital of the World:   Millbrook Lofts is a short walk to Kendall Square, the innovation capital of the world. At the center of a true walker’s or biker’s paradise, Millbrook Lofts resides in the hippest city in Massachusetts, Somerville, offering the perfect blend of Brooklyn and Silicon Valley. Residents have the ability to get groceries right next door, shop at the mall just down the street, walk to work and enjoy neighboring hot spots for a local craft beer or zesty tacos just a block away.

The property is being offered free and clear of existing financing. For more information on this multi-family property for sale or other commercial properties for sale in the Boston area, please contact Mark Campbell, Chris Phaneuf or target="_blank"Xave Jacoby in HFF’s Boston office. For information on financing, please contact Frederic Wittman. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.

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