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Osso Capital Purchases Canal District Lofts From Berkeley Investments For $122 Million

Property Image
SOLD
$122,000,000

Massachusetts

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MultiFamily
Sold 11/04/2024
the dealdetailscomps
Property Image
SOLD

Osso Capital Purchases Canal District Lofts From Berkeley Investments For $122 Million

240 Canal Street, 242 Canal Street & 270 Canal Street

See Similar Deals
MultiFamily
Sold 11/04/2024
the dealdetailscomps

Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale

The asset involved in this transaction consists of a multifamily property located at 240, 242 & 270 Canal Street in Lawrence, MA. The sale price for this property was $122,000,000, and it comprises 240 units. This translates to a per-unit price of $280,000. The property is notable for its conversion of historic mill buildings into residential apartments.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $122,000,000
  • Units: 240
  • Price Per Unit: $280,000
  • Buyer: Olivia John - Osso Capital
  • Seller: Young Park - Berkeley Investments

Berkeley Investments sold the Canal District Lofts to Osso Capital, which includes 180 apartments created from the historic mill buildings. This sale is part of a previous acquisition made by Berkeley in 2021, valued at $98.5 million, covering five buildings.

Details

SOLD
IMAGE: Olivia John & Young Park DATE: 11/04/2024 ADDRESS: 240, 242 & 270 Canal Street MARKET: Lawrence, MA ASSET TYPE: Multifamily BUYER: Olivia John - Osso Capital SELLER: Young Park - Berkeley Investments SALE PRICE: $122,000,000 UNITS: 240 ~ PPU: $280,000 NOTE: Berkeley Investments sold the Canal District Lofts, a loft-style complex in Lawrence, MA, to Osso Capital for $122 million. The sale includes 180 apartments in historic mill buildings, originally part of a $98.5 million five-building acquisition by Berkeley in 2021.

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