195-unit apartment community sold in Malden
CBRE/New England’s Capital Markets team today announced the sale of 480 Main Street, a 195-unit, 100% market-rate, infill apartment community located in Malden, Massachusetts. CBRE/NE multi-housing experts Simon Butler and Biria St. John exclusively represented the seller, Residences at Malden Square, LLC, an affiliate of Priderock Capital Partners, and procured the buyer, The DSF Group.
“We are pleased to have facilitated this transaction on behalf of the seller,” said CBRE/NE’s St. John. “480 Main Street represents an outstanding asset located minutes outside of Boston. The property is ideally positioned in the rapidly transforming downtown Malden neighborhood within steps to the Malden Square Orange Line and offers superior highway access. It was a pleasure working with DSF on this acquisition and we look forward to doing more with them. 480 Main Street is a tremendous asset with great long-term growth prospects as we have seen on other Orange Line TOD properties.”
“We plan to completely renovate and update the common area amenity spaces and to deliver our signature Halstead brand, with a focus on high-quality amenities and resident services,” said Josh Solomon, President at DSF. “In addition, we look forward to our expansion into the Boston market and to deliver a high quality transportation-oriented asset”, added Solomon.
The building design consists of a five-story elevatored wood frame building over a single-level below-grade parking garage. The unit mix is comprised of 30 studios, 115 one-bedroom apartments and 50 two-bedroom apartments with an average unit size of 768 square feet. In addition, there are four retail suites comprising 7,599 square feet of space, which are partially leased to a bakery and drop-off dry cleaning service.
The apartments include fully equipped kitchens with a stainless steel appliance package with granite countertops and subway tile backsplashes, solid wood cabinets, vinyl plank kitchen and living room flooring, wall-to-wall carpeting in the bedrooms, tile shower/tub surround, nine-foot ceilings throughout and in-unit washer & dryer.
About DSF Advisors
Since 2000, The DSF Group has invested more than $2.5 billion in five million square feet of multifamily real estate and has quietly become one of the most successful private real estate investment firms in the country. These remarkable multifamily and mixed-use properties epitomize the highest standard in fine residential living and recreation. With a strategic focus on unique designs, transit oriented locations and an extraordinary selection of amenities and finishes, these investments represent a bold opportunity for a company committed to excellence.
With offices in Boston and Washington DC, three decades of experience and a track record unrivalled in the industry, The DSF Group is recognized as one of the preeminent multifamily investors in the country. For more information please visit us at www.thedsfgroup.com.
About CBRE/New England
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website atwww.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2015 revenue). The company has approximately 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting.
