One Water St. Apartments Sells for $15.6 Million

Downtown Haverhill’s One Water Street apartment building changed hands Friday in a $15.6 million deal, according to Southern Essex District Register of Deeds John O’Brien.

Arrowpoint Burlington, of Lawrence, purchased the building from Rivers Edge Apartments of Braintree. The building, originally proposed in 1970 as part of the Pentucket Urban Renewal Project, replaced Atherton’s Furniture and other businesses after those properties were acquired and demolished by Haverhill Housing Authority.

As originally designed, the building houses 164 apartments and several commercial spaces. Rivers Edge Apartments purchased the property in 2006 for $9.2 million, according to city records and the city valued the building at $8.5 million.

Excise tax on Friday’s sale totaled $71,136.00 and was deposited into the state’s treasury, O’Brien said.

Pentucket Urban Renewal Project plan.

Pentucket Urban Renewal Project plan.