In November 2017, Blackfin acquired The Bixby, a class B 128-unit, high-rise apartment community in Haverhill, MA, a rapidly gentrifying submarket of Boston’s North Shore (just 35 mins north of Boston). Sourced on an off-market basis, this unique asset was originally constructed as a commercial factory in 1924 and converted to apartments in 1988. The asset is poised to benefit from the recent addition of a best in class amenity package featuring a state of the art community room, upscale fitness center, and outstanding patio deck. The asset sits along the Merrimack River and benefits from an incredible view of the river and immediate access to the Haverhill commuter rail train station. The Haverhill Station provides direct access to Downtown Boston.
This investment provides Blackfin with an opportunity to significantly improve asset performance through targeted value-add renovations to unit interiors and common areas, curing deferred maintenance, and implementing targeted revenue generating strategies. Blackfin’s team plans to strategically implement an extensive capital expenditure program to provide residents with luxury unit finishes and top of the market customer service which will capture the strong demand for high-end product. In addition to a fully comprehensive unit interior renovation program major projects include an upgraded parking garage, new dog park and grilling area, virtual concierge system, dog wash station, and bike repair shop. These amenities will further compliment an already best-in-class amenity package. Upon successful completion of its investment strategy, Blackfin believes the asset will distinguish itself within the community as a unique and vibrant space for residents to call home.