FOR IMMEDIATE RELEASE:
January 22, 2024

CONTACT:
Nancy J. Sterling, APR
 ML Strategies, LLC
(617) 348-1811
nsterling@mlstrategies.com

NEW LOCAL OWNERS TAKE OVER LOWELL APARTMENT BUILDING

Makor Buys Student Apartments Adjacent to UMass Lowell Campus

Lowell, MA – Makor Capital LLC, a Massachusetts-based real estate owner and manager, has purchased a 147-unit purpose-built student housing property adjacent to the UMass Lowell campus and near the MerrimackRiver. The new owners have brought in all new personnel, increased on-site staffing and made a number of immediate improvements to the property.

Makor was founded in 2020 by Chris Wyett and Jason Shulman. It is a successor company to Chartwell Management which was created in 2000. Makor now operates five properties in Massachusetts, including the well-known Baker Chocolate Factory in Dorchester. Makor also operates five properties in southern New Hampshire. All are multi-family communities, and Makor manages each one using its in-house property management affiliate and utilizing their “hands-on” touch and resident-centric approach.

“One of our hallmarks is on-site property management so we have control over the way things are run day-to-day in order to best meet our tenants needs,” said Shulman. “We look for undervalued properties where we can make strategic improvements to increase operating efficiencies and improve the resident experience.”

When Makor took over Edge Merrimack River apartments they immediately brought in Karen Young as a Regional Property Manager to oversee the property. Makor also replaced the office staff and increased the number of Resident Advisors from one to five individuals, so that someone is always on the premises and available to the student residents. Makor also intends to rename and rebrand the property in the near future.

The numerous improvements the new owners have immediately made include:

  • upgraded security system with recording capabilities
  • introduced an automated, secured package locker system for residents
  • upgraded WIFI internet service for residents
  • built out a bike storage room with controlled access
  • power washed entryway

The vast majority of of students living at the property attend UMass Lowell, since that campus is adjacent to the building. Students from several other colleges also rent at the property. The building can house more than 400 students.

“We are pleased to add this modern student residence with numerous amenities to our portfolio,” said Wyett. “We are almost at capacity, but we are now accepting applications from students for next year.”