Photo courtesy of CBRE

A Watertown multifamily developer acquired a one-time leather goods factory converted into loft-style apartments in downtown Haverhill for $13.7 million.

SMC Management specializes in value-add acquisitions and development of apartment properties. The Haverhill property includes 59 market-rate apartments and three ground-floor commercial storefronts in a 50,440-square-foot converted mill building.

“This area along the Merrimack River has seen significant growth, and improvement in the past decade, including a thriving restaurant and nightclub scene, and a robust commercial infusion downtown,” SMC Management stated in an announcement of the acquisition.

CBRE’s multifamily investment team represented the seller, Chinburg Properties of Newmarket, New Hampshire, and procured the buyer.

The complex includes six stories of loft-style apartments with 12-foot ceilings, exposed brick-and-beam architecture and oversized windows.

The building was originally completed in 2019 as a leather goods factory prior to the residential conversion, according to CBRE. The seller paid $775,000 for the property in 2015, according to property records.