Log in Subscribe Front Page Current Issue Real Briefs Archives Subscribe/Renew Events Advertise Contact Us
Fri, Jul 1
A Compendium of Property & Capital News
Fri
Jul 1
A Compendium of Property & Capital News

171-Unit ‘Graphic Lofts’ Apartments Sells for $96M to Colorado-Based EverWest via CBRE

June 21, 2022
The Graphic Lofts, Charlestown MA

CHARLESTOWN — The Graphic Lofts in Charlestown has sold for $96.3 million. The two buildings house 171 apartments (a sales price of $563,158 per unit) with a single level of 113 parking spaces on an acre and a half of land just a stone’s throw from the Sullivan Square Orange Line stop on the MBTA. CBRE Capital Markets’ multi-housing team of Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, an affiliate of Berkeley Investments from Boston, MA. The team also procured the buyer, an affiliate of EverWest Real Estate Investors from Denver, CO.

The project was completed in August 2019. Rents are currently advertised in the $2,245 to $3,872 price range, with 23 of the 171 units deed-restricted and priced below market value. Comprised of two buildings, Building 32 is a three-story adaptive re-use of a brick and beam building (the former Graphic Arts Finishers Building) and Building 34 is a four-story new construction, modular wood-framed building over a podium garage level. There is a mix of studio, one, two and three-bedroom apartment homes, with an average size of 843 sq. ft.

“We are pleased to have represented Berkeley Investments in the sale of The Graphic Lofts. This marked the successful conclusion of their original vision and strategy for the community,” stated Butler. “Additionally, the asset still provides EverWest with the ability to generate strong long-term returns through a combination of the long-term growth of the Boston economy and the transformational redevelopment of Sullivan Square.”