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A project that helped establish Everett’s status as a class A multifamily development market sold to New York-based investor LCOR for $141.1 million.

The Batch Yard complex includes 328 apartments at the former Charleston Chew candy factory property.

The seller, Chicago-based Mesirow Financial, paid $103 million for the property in 2015, according to property records.

Developed by Fairfield, Connecticut-based Post Road Residential, the three-building complex received $68 million in construction financing from First Niagara Financial Group in 2014. The complex includes a conversion of the former candy factory and two new buildings completed in 2014.

The property currently lists studios starting at $2,388 per month.

The Batch Yard site appealed to Post Road Residential because of the high traffic counts on nearby Routes 16 and 99, and population density of commuters to Boston, CEO Andy Montelli said at the time. The company subsequently developed the 268-unit Pioneer apartments at 1760 Revere Beach Parkway.

The city of Everett rezoned the commercial triangle district south of Revere Beach Parkway in 2018 for multifamily development, prompting an additional wave of development including more than 2,000 apartments by developer Greystar.

In the latest proposal, A.W. Perry submitted plans this month for a 373-unit apartment building at 373 Second St. and 15 Garden St.

LCOR’s portfolio includes more than 2.4 million square feet of commercial space and more than 9,000 apartments, including the 468-unit Park 151 complex in Cambridge. The firm focuses on transit-oriented East Coast markets.

This article has been updated to correct the name of the Batch Yard’s original developer, Post Road Residential.

Everett’s Batch Yard Trades for $141M

by Steve Adams time to read: 1 min
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