Greystar Buys Malden Apartments For $113M: The Boston Deal Sheet
Multifamily giant Greystar has acquired a large apartment complex outside of Boston.
The Charleston, South Carolina-based firm acquired the 295-unit Strata apartment community in Malden for $113M, according to public records. The five-story building consists of market-rate apartments.
The property was built in 2000 and has undergone significant renovations, including a resident lounge, private work stations, a fitness center and outdoor amenities.
CBRE represented the seller, Portland, Oregon-based The Green Cities Co., and procured the buyer. Greystar has ramped up its residential ownership and development across eastern Massachusetts, including building thousands of units in Everett.
"We are pleased to have represented the Green Cities Company in the sale of Strata," CBRE Vice Chairman Simon Butler said in a statement. "The property offers the buyer the opportunity to continue the value-add strategy and acquire an asset at a significant discount to replacement with good proximity to Boston."
SALES
The Hamilton Co. acquired the Hill Estates, a 396-unit apartment community in Belmont, for $175M, according to CBRE. The apartment community is one of the largest in the Boston area, spread over 14.7 acres in Belmont, within walking distance of the Alewife Red Line MBTA station.
KeyBank Real Estate Capital provided a $67.5M bridge loan to assist in the acquisition. The sale also includes two commercial office buildings at 26 Brighton St. and 90 Concord Ave. CBRE's Simon Butler, Biria St. John, John McLaughlin and Brian Bowler represented the seller, the DiGiovanni family, and procured the buyer.
***
Marcus Partners acquired three industrial properties in Norwell and Holliston. It bought the Norwell property at 77 Accord Park Drive for $16M in a joint venture with Rhino Capital, according to public records. The other two properties at 275 and 330 Hopping Brook Road in Holliston were built in 2013 and 2005, respectively. The Norwell building is leased to 13 tenants, and the Holliston buildings are leased to 10 tenants. The purchases follow the company's acquisition of a 1.2M SF, 25-building portfolio in September.
***
Mount Vernon Co. acquired the 80-room John Carver Inn & Spa in Plymouth. The Boston-based developer bought the property for $14M, according to public records. The hotel originally opened in 1969 and was renovated in 2021. The inn is close to the historic Plymouth Rock and the Mayflower II.
LEASES
QurAlis opened a new 30K SF office at 35 Cambridgepark Drive in Cambridge, doubling its previous space in Alewife. It was previously located at 100 Cambridgepark Drive. It is part of a three-building, 450K SF campus owned by Healthpeak Properties. The tenant was represented by JLL's Carolyn Wheatley and Marc Consalvi.
***
Odyssey Systems signed a 13K SF lease at Real Capital Solutions' Lincoln North office property in Lincoln. The lease brings the building's occupancy to 100%. JLL's Tamie Thompson represented the tenant, and R.W. Holmes' Dean Blackey, Mike Ogasapian and Elizabeth Holmes represented the landlord. The property has undergone improvements including expanded food service, a modernized lounge, a renovated lobby and an upgraded fitness center.
FINANCING
JLL arranged $92M in financing for Carlisle Capital Corp.'s 400K SF Fordham Park Robotic & Logistics Campus. The loan was secured through M&T Bank. The campus sits on 40 acres at 100-110 Fordham Road. The property is fully leased to several tenants in e-commerce, automation and robotics, and semiconductor equipment manufacturing. The JLL debt advisory team was led by Senior Managing Director Tom Sullivan.
***
Massachusetts' Momentum Fund financed the development of the Claremont Grafton, a 233-unit mixed-income rental community next to Grafton’s MBTA commuter rail station. The state fund invested $9M in the project. Gov. Maura Healey's administration has financed the development of almost 500 new housing units with the fund.
CONSTRUCTION AND DEVELOPMENT
Marcus Partners began construction on its 304-unit residential community dubbed 582 Kelley. The project is on Kelley Boulevard in North Attleborough. The development has a mix of one-, two- and three-bedroom units, as well as detached garages, a clubhouse, a fitness center and coworking spaces.
