Newton-based Wingate Companies, through an affiliate, has acquired the historic Baker Chocolate Factory apartment complex in Lower Mills for $41 million. The purchase, brokered by the realtor CBRE for the seller, Makor Capital LLC, took place in late December.

A Freddie Mac loan on the property, which was last sold in 2017 for $35.2 million, was assumed by Wingate with the support of Newmark’s Capital Markets platform.

The 133-unit apartment building complex sits on the Dorchester side of the Neponset River at the corner of Dorchester Avenue and Adams Street.

Elizabeth Schuster, senior vice president for Wingate Companies, said the new owners will likely do some sprucing up of the building, but will not make any significant changes to the rental program.

“Something this unique, it sets it apart,” Schuster said. “People come to Boston to live because they want to live in places with the brick walls and the history and not another box. This acquisition gives you a good building on good land.”

She added: “What drew us to the property was a lot of things. It’s unique and looks a lot like products we have in our portfolio, and we know what a property like this needs to stay competitive in the market. It was a well-executed conversion by a reputable developer…It’s in Lower Mills, which is a great neighborhood in Dorchester and right on the beautiful Neponset River. To top it off, you have the Milton T Station there on the town line.”

Wingate has been in the affordable housing space more than 60 years and is described as a pioneer in the industry. It specializes in mixed-income properties like the Baker apartments, which feature 20 percent of the units affordable at 60 percent AMI.

Schuster said that working in affordable and market-rate housing puts them at an advantage because they know how to interact with housing authorities for subsidized units, and they know how to keep a building competitive in the market.
The former owners believe the property is in good hands.

“We are pleased to transact with Wingate and chose Wingate based on their strong reputation as a buyer generally and their expertise with Boston multifamily in particular,” said Chris Wyatt, co-founder of Makor Capital. “We appreciate their professionalism throughout the entire sales process. We are certain Wingate will continue to be an excellent steward of this exceptional, historic asset.”

The historic Baker factory complex was converted to housing in the 1980s and substantially renovated in 2008. It comprises 11 studio apartments, 81 one- bedroom and 41 two-bedroom apartments.

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Another notable sale recorded recently is that of a 38-unit apartment building at 760 Cummins Highway, abutting the ongoing road reconstruction in Mattapan.

An LLC controlled by George Dabney and Mark Epker, of Vantage Real Estate, purchased the 1950s-era building from Helge Capital, controlled by Oleg Uritsky, in December for $9.35 million.

Helge Capital purchased the building from an LLC controlled by Dabney in 2018 for $6.65 million, according to property records. There have been several sales of the building since the early 2000s.

Caridad Kenchen, an abutter to the Cummins Highway property, said she and other neighbors hope the new owners will improve conditions there.

“It’s just not a good situation,” she said. “The management companies aren’t managing the property well and it’s gone downhill. It’s a lot of problems and not a fun situation for us. We hope the new ownership will bring about a much better situation for the neighbors.”

She said problems include rodents, drug activity, improper trash disposal, and parking issues.