Mesirow Pays $80M for Alta Stone Place in MA

Mesirow Financial acquired the 212-unit Alta Stone Place Apartments near Boston from Wood Partners. The Chicago-based buyer paid $80 million for the property, which was completed last year.

The asset at 1000 Stone Place in Melrose, MA, was once the site of the Boston Rubber Shoe Company’s mill. Wood Partners renovated the structure into loft-style apartments, and added three more buildings with the same brick-and-beam mill-style décor.

Alta Stone Place is next to an MBTA bus stop, the Orange Line, and a commuter rail station. Melrose is approximately 20 miles from Boston. HFF’s Christopher Phaneuf and Mark Campbell represented the seller.