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Melrose Apartments Sold for $101.7M

By Steve Adams | Banker & Tradesman Staff | Jan 22, 2020 | Reprints | Unlock Link

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A former Melrose shoe factory converted into apartments by developer Wood Partners in 2015 has been acquired for $101.7 million by GID Investments.

The seller, Mesirow Financial of Chicago, bought the 212-unit Jack Flats complex in 2016 for $80 million.

The four-building complex includes loft-style units in a converted former Boston Rubber Shoe Co. building and three podium-style apartment buildings. Units average 948 square feet.

Apartments.com lists one-bedroom units with rents starting at $2,220 per month.

GID owns 37,000 apartment units nationwide including 10 properties in Greater Boston, according to its website, and has a development pipeline for another 10,000 units nationwide.

B&T Daily