LYNN — The Caldwell apartment complex on Munroe Street was sold to The Green Cities Company for $123.5 million last week.
Previously owned by Lynnfield-based Procopio Companies, the sale of Caldwell will not affect its residents, as the 10-story building will continue to be managed by Greystar.
Chief Executive Officer Michael Procopio said Caldwell has been a special project for the Procopio Companies, so although it was bittersweet to end involvement with the development, they know it is in good hands with The Green Cities Company.
“The Green Cities Company was a natural choice with its focus on sustainability and commitment to building up the local community through partnership,” Procopio said.
The Green Cities Company also owns properties in Boston, Malden, Chicago, California, Washington and Oregon.
Caldwell, which was built on the site of a former parking lot and community garden, opened last year. It took 36 months and around $86 million to build.
With 259 market-rate units ranging from around $1,800 to $3,000 for studio, one- and two-bedroom apartments, the building features a 6,000-square-foot rooftop deck with a pool, cabanas, fire pits and sky lounge.
Caldwell offers its residents a first-floor fitness center that features a rock-climbing wall and standard exercise equipment, coworking and lounge spaces, a pet wash, bike-repair shop, personal assistant assigned to the building, and an automated parking system underneath the building.
While Procopio said they are excited to pass the torch on this project, “we remain invested in the city of Lynn and look forward to welcoming residents at Mosaic, our next project in Lynn, in 2022.”[ SOURCE ARTICLE ]