Photo by Robert Simonds | Courtesy of Berkeley Investments

Boston-based Berkeley Investments is seeing growth opportunities in Lawrence, where it has completed a $98.5 million acquisition of a five-building multifamily and industrial portfolio.

The transaction includes the Mill 240 and Washington Mills properties, a pair of mills converted into 435 apartments at 240 and 270 Canal St., and two light industrial buildings. Berkeley said it will convert a self-storage component of the Mill 240 complex, which was completed in 2019, into an additional 63 apartments. Berkeley also plans additional outdoor amenities and work-from-home space at both properties.

“We support the ongoing efforts of the city of Lawrence to re-imagine the Canal District and the city as a vibrant economic engine for the entire region and look forward to further investment in these historic and unique buildings,” Berkeley President Young Park said in a statement.

The industrial component comprises 340,000 square feet of flex and warehouse space at 246 and 250 Canal St.

Berkeley partnered with Global Gate Capital, a New York subsidiary of a Swiss investment firm, on the acquisition, and received financing for the residential component from CIBC. Princeton Properties will provide property management services for both Mill 240 and Washington Mills. while Berkeley Management will manage the 246/250 Canal Street component.

Berkadia represented SMC Management in the sale of the residential component, while Hunneman represented Andrea Management in the sale of the commercial portion.