Lowell, MA

Investment Partner/Developer
Mira Development

Property Manager
Hall Keen

Project Type
Multi-family

Acquisition Date
2008

Disposition Date
2016

Project Overview

Alta acquired this well-located, historic mill property in Lowell, Massachusetts at a discount to replacement cost. The project involved the redevelopment and repositioning into 183 market-rate apartments in this emerging neighborhood at the edge of the UMass Lowell campus overlooking the Merrimack River. The Lofts are a mix of 1- and 2-bedroom units with exposed brick, massive beams, soaring ceilings, and large windows.

The redevelopment was challenging as it involved meeting both state and federal historic preservation tax credit requirements. The project was financed using federal historic tax credits, state historic tax credits, and conventional bank financing.

The strategy was to restore this historic mill property and position it for a potential sale. The Lofts at Perkins Park, along with the Residences at Perkins Park, The Administration Building, the Ames Parking Garage and an adjacent developable lot, were acquired by UMass Lowell in 2016 for $61.5 million.

Awards
2013 Preservation Massachusetts Award

2012 Preservation Massachusetts Award

2011 AGC Build New England Performance Award 2010 Congressional Award

2010 Excellence in Historic Preservation

2009 Citation from the Mayor of Lowell