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Boston-based Berkeley Investments is seeking a buyer for its 100-unit Millbrook Lofts rental complex in Somerville, a former cold storage facility now 97 percent leased.
Berkeley has hired Boston-based HFF to market the property at 9 Medford St. near the Cambridge line.
The 88,601-square-foot complex contains a mix of studios, one- and two-bedroom apartments and 15 income-restricted units, including five artist live-work studios, and open spaces set aside for public art exhibitions and open studios.
The property could fetch approximately $60 million, according to HFF.
“Millbrook Lofts is an exceptional example of an adaptive re-use that captures the historic charm of the building’s previous life while offering its residents modern conveniences and amenities,” Mark Campbell, a director at HFF, said in a statement.
Units average 886 square feet, and many include concrete ceilings and columns reflecting the property’s industrial past.
Berkeley Investments acquired the property in January 2014 for $4.75 million. Construction including the addition of an eighth floor was completed in 2016.
Berkeley Investments is targeting development along public transit in emerging neighborhoods, with recent acquisitions of the 200 Exchange St. office building in Malden Center and the former Graphic Arts Finishers Building in Boston’s Sullivan Square, where a $52 million, 171-unit apartment complex including a new 102,000-square-foot building at 472 Rutherford Ave. was approved last year by the Boston Planning and Development Agency.
