CBRE Facilitates $97 Million Sale of The Gateway at Malden Center Apartments
CBRE has announced the $97 million sale of The Gateway at Malden Center, a 203-unit, 100% market-rate apartment community located in Malden, Massachusetts. The sale was brokered by CBRE’s team of Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler. The firm represented the seller, an affiliate of Equity Residential, and secured the buyer, an affiliate of FPA Multifamily, LLC.
Originally built in 1988, the property consists of two 12-story residential towers served by elevators. In addition to the residential units, the development includes a five-story, 37,729-square-foot office building situated between the towers and a 349-space, three-story parking garage. The Gateway is strategically located directly across the street from the Malden Center T station, offering residents excellent connectivity to employment hubs in Boston and Cambridge.
Commenting on the transaction, Simon Butler stated, “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.”
The acquisition offers FPA Multifamily the chance to reposition the asset, tapping into the high demand for quality rental housing near key transit and employment corridors in the Greater Boston area.
