FPA Acquires Malden Apartments from EQR for $97M
A CBRE team led by Simon Butler, Biria St. John, John McLaughlin and Brian Bowler closed the sale of The Gateway at Malden Center, a 203-unit, 100% market rate apartment community in Malden, MA, for $97 million. CBRE represented the seller, an affiliate of Equity Residential, and procured the buyer, an affiliate of FPA Multifamily, LLC.
Built in 1988, The Gateway at Malden Center comprises two 12-story elevatored buildings and is 100% market rate. There is also a 37,729-square-foot, five-story office building between the two residential towers and a 349-space three-story garage. The community is located directly across the street from the Malden Center T station, providing easy access to numerous employment centers.
Butler said, “The seller was able to successfully execute their business plan, having acquired the community in 2003. The property offers the buyer the opportunity to execute their value-add strategy with superior proximity to Boston and Cambridge.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout