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A 328-Unit Luxury Apartment Community with a Sweet History
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25 Charlton Street | Everett, MA 02149
The Offering
Berkadia is pleased to offer for sale The Batch Yard, a 328-unit luxury apartment community situated in the heart of one of Boston’s most transformative markets. Located just minutes from Cambridge and downtown Boston, the 100% market rate property presents an incredibly rare opportunity to acquire a best-in-class property located minutes from the 50 million square foot life sciences, office, and innovation clusters in Boston, Cambridge and Somerville, and directly adjacent to an expanding entertainment district anchored by Wynn’s Boston Harbor Casino.
The Batch Yard is being offered free & clear or with the opportunity to assume highly attractive in-place financing.
Best in Class: The property, which is the site of the former Charleston Chew candy factory, boasts stylistic adaptations that capture the building’s unique history in architectural design. It offers expansive amenities including a 3,000-foot fitness center, resort-style pool deck with outdoor movie screen, three lounge areas, and a dramatic 3,600 square foot roof deck with sweeping views of Boston and Cambridge.
A Young & Affluent Resident: The Batch Yard’s luxury amenities and quality unit finishes appeal to a young professional affluent renter pool with an average resident age of 31 and income of $110,000. The combination of affordable luxury and convenience, with average rents $1,500 per month lower than the nearby Seaport District or Kendall Square makes this a highly desirable.
Proven Performance: The Batch Yard is currently 96% occupied and 98% leased with an impressive Q1 retention rate of 68% and average net rent increases of 7%. Since its completion in 2014, the property has enjoyed impressive operating performance with rents increasing 30% and average occupancy of 94%, even as new competing supply was being added to the area.
100% Market Rate: The Batch Yard’s units are 100% market rate, enabling an investor to fully capitalize on escalating rents. Current projects under construction in Everett were mandated to set aside 10% to 15% of their units as affordable, and the city is now requiring 20% on future projects.
A Transforming Location: Over the past ten years, Everett has undergone a significant transformation. Located just north of Encore Boston Harbor, The Batch Yard will reap the benefits of continued investment from the Wynn Companies, which has purchased 6.3 million SF of land surrounding the casino, with the intention of creating a vibrant entertainment district.
Assumable Financing: The Batch Yard is being presented to qualified buyers with the opportunity to assume a Fannie Mae loan in the amount of $81,864,000 at a rate of 4.06%, interest-only which matures on March 1, 2026.
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
CONTACT Us
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Chris Phaneuf
INVESTMENT SALES
MORTGAGE BANKING
Senior Managing Director
617.648.4191
chris.phaneuf@berkadia.com
Peter Dudunakis
Financial Analyst
617.648.4180
peter.dudunakis@berkadia.com
Adam Dunn
Managing Director
617.648.4192
adam.dunn@berkadia.com
Nick Jasinski
Director
617.648.4189
nick.jasinski@berkadia.com
Jackie Meagher
Senior Director
781.990.0159
jackie.meagher@berkadia.com
Sean Daly
Associate Director
781.990.1748
sean.daly@berkadia.com
Matthew Robbins
Managing Director
561.609.4008
matthew.robbins@berkadia.com
Boston Office
125 High Street, Suite 1712 | Boston, MA 02110
INVESTMENT HIGHLIGHTS
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25 Charlton Street | Everett, MA 02149
UNITS: 328 | YEAR COMPLETED: 2014
The Offering
Investment Highlights
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Terms of Use
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Contact
Contact
Photo Gallery
Investment Highlights
The Offering
Privacy
Terms of Use
The Offering
Investment Highlights
Photo Gallery
Terms of Use
Privacy
Contact
The Offering
Investment Highlights
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Terms of Use
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Contact
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