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Boston Developer Pays $71.7M for Melrose Lofts

Oct 17, 2022 | Reprints | Unlock Link | Print

Image courtesy of Google Maps

A former Melrose factory that was converted into 141 loft-style condos has been acquired by a Boston-based multifamily investor for $71.7 million.

GID Investment Advisors acquired the Radio Factory Lofts from Eastern Real Estate of Boston for a price that equates to $509,000 per unit.

The 19th-century factory at 90 Washington St. previously contained the Marty’s Furniture store.

Studio units are available beginning at $2,225 per month, according to the property’s web site. Developers are marketing amenities including a pair of dog parks, outdoor grilling areas and co-working spaces for residents.

GID owns and operates more than 48,000 apartment units nationwide.

B&T Daily