Updated: Aug 24, 2022
March 7, 2022
BY: ADAM BASS (Daily Item)
Two real-estate companies, The Dolben Company, Inc and the MINCO Development Corporation, announced they have acquired the Cove164 apartment complex and have begun leasing apartments for potential tenants.
The building is a four-story apartment complex consisting of 72 apartment homes over parking located at 164 Blossom St. The complex was developed by Patrick McGrath of McGrath Development.
It is located off of the Lynnway and is within walking distance to the Central Square Lynn MBTA station.
The property sold for $24 million and will generate $109,440 in revenue for the state, according to the Southern Essex District Registry of Deeds.
Paul Cirignano, a real-estate agent from The Synergy Group, said he and the company marketed the complex, which was sold on March 7.
“Our job was to market the sale of Cove164 to potential buyers,” Cirignano said. “Then Dolben and MINCO came to us, asked to buy the apartments and we brokered a deal with them and the developer.”
According to a company statement, the starting monthly rents will be $1,995 for one-bedroom apartments and $2,295 for two-bedroom apartments.
Deane H. Dolben, president of Dolben Company, Inc., said the company’s acquisition of the property highlighted the endless opportunities Lynn has as a housing market.
“We are delighted to add Cove164 to our portfolio as we continue to invest and grow in the Lynn market, where we know the demand to be very strong,” Dolben said. “We look forward to a fast-paced and successful lease-up of this beautiful community.”
The complex was built in 2021 as part of an effort to transform a neighborhood on Blossom Street located in the city’s Brickyard District.
Ward 6 Councilor Fred Hogan, who represents the area, said the project started under the administration of former Mayor Thomas M. McGee.
Hogan said the original plan for the site was to become a storage building, but the city believed the best course of action was to reach out to developers to build more housing.
“I am so glad this apartment is finally opening,” he said. “We’re going to help local businesses that are nearby who have been struggling over the last few years.”
According to its website, The Dolben Company, Inc. is a real-estate firm founded in 1929 with offices in Massachusetts and Maryland. The company said it currently has more than 17,000 residential units throughout the New England, mid-Atlantic, and southeast regions.
MINCO Development Corporation is a privately held, second-generation family business with offices located in Newburyport and North Andover. It specializes in commercial real-estate development, such as retail plazas and the development of more than 3,000 multi-family units throughout Merrimack Valley and the North Shore, the statement said.