Photo courtesy of Cornerstone Realty Capital.

A pair of Fall River multifamily properties, one of which is a converted cotton mill, have sold for $13.7 million.

First Merchants Group sold Border City Mills at 2 Weaver St. and River Grove Apartments at 4516 North Main St. Fren Management Co. Inc.

The sales marked the completion of a portfolio sale for First Merchants, which also included the $19.75 million sale of the 180-unit Devonshire Apartments in Holyoke, the $12 million sale of the 121-unit Highwood Gardens in Goffstown, New Hampshire and the 9 million sale of the 120-unit Hilltop Gardens in Leominster.

CBRE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller and procured the buyer. Cornerstone Realty Capital arranged $12.6 million in financing for the acquisition.

Border City Mills and River Grove Apartments total 155 units. Built in 1873, Border City Mills is a former mill building and was converted to residential in 1988 offering an on-site fitness center, indoor swimming pool and grilling area. River Grove Apartments was built in 1987 adjacent to the Fall River Country Club. Both properties are located along the Taunton River, just off Route 24 and Route 79, and minutes from Interstate 195.