Residences at Riverwalk - Amesbury

INVESTMENT HIGHLIGHTS & HISTORY

HIGHLIGHTS 87 UNITS: Great opportunity to obtain a sizable apartment community in attractive Amesbury, Massachusetts. CLASS A PROPERTY: These two apartment buildings were completely renovated in 2006 from vacant historic mills. Building amenities include elevator access, a fitness center, luxury great room and entertainment area, a library, and computer room. The residences were developed to condo quality and represent one of Amesbury’s most desirable rental properties. The grounds are nicely landscaped and improved with outdoor amenities including a gazebo by the river, grills with picnic tables, and easy access to the adjacent Riverwalk bike path. LOCATION: The property is well located, convenient to I-495 and 95. Also, the property is near the MBTA’s commuter train in Newburyport. LENDING ENVIRONMENT: Interest rates are at all time lows and multifamily assets enjoy privileged access to credit. CASH FLOW OR CONDO: Investors can hold the property for cash flow investment or convert to condominiums, at the right time, for a profitable exit strategy.

HISTORY

These two mill buildings were constructed between the late 1800’s and early 1900’s and formed the backbone of Amesbury’s thriving manufacturing industries driven by the Powwow River. They were home to carriage makers, and most notably the Walker Auto Body and the Spofford and Smart Factory. The buildings retain the lines of historic character and have been nominated for the National Register of Historic Places status. The properties were renovated in 2006 into apartments through a historic rehab tax credit.

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