MALDEN, MA—Boston-based Taurus Investment Holdings has sold Strata, a 295-unit 100% market-rate multifamily community located at 500 Broadway in Malden, MA. The deal was $95.5 million.
CBRE Capital Markets' multi-housing experts Simon Butler, Biria St. John and John McLaughlin exclusively represented the seller, and procured the buyer, an affiliate of the Green Cities Co. of Portland, Oregon (formally Gerding Edlen).
The community is spread over 8.4-acres consisting of a single five-story elevatored building. Strata offers four different unit styles including studios, one, two and three-bedroom apartment homes with an average unit size of 892 square feet.
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Butler says in a prepared statement on the deal that "Strata marks the successful execution of Taurus Investments' strategy, having acquired the community in September 2017."
Additionally, he notes that the asset provides the buyer with "a stable investment opportunity given its proven track record and upside given the quality of the asset and potential value-add opportunities."
Nick Clark, managing director at Taurus, commented, "Strata aligned with the firm's multifamily strategy to acquire highly functional but under-renovated assets in education focused markets. Execution of the business plan was a team effort; acquisitions, asset management, and property management."
According to the release, Taurus had extensively renovated the amenities as part of its business plan and today the community features amenities such as an outdoor pool, expansive outdoor space including multiple barbeques, firepit, seating area, a contemporary community room and fitness city. Taurus had also renovated 124 of the apartment homes during their ownership period.
Strata is strategically located just off Route 1 and is minutes from downtown Malden, offering access to the MBTA Orange Line and the Blue Line at Revere Beach. The apartment building provides easy access to downtown Boston and Cambridge's Kendall Square in less than 15 minutes and is easily accessible to Boston's Logan Airport. Featuring walkable MBTA bus service on-site, residents have direct access to downtown Boston, Revere Beach and the Malden Center.
Residents at Strata are minutes from numerous lifestyle retail amenities including Stop & Shop, Trader Joe's and Target, as well as the one million square-foot Square One Mall and numerous restaurants.
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