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CBRE Brokers $96M Sale of 295-Unit Malden MF Property

CBRE has arranged the $95.5 million sale of Strata, a 295-unit, market-rate multifamily community in Malden.

Located at 500 Broadway in Malden, the community is spread across more than eight acres and consists of a single five-story elevatored building. The unit mix includes studio, one-, two- and three-bedroom units with an average size of 892 square feet. The seller, Boston-based Taurus Investment Holdings, had extensively renovated the amenities as part of its business plan. The community now features an outdoor pool, outdoor space with multiple grilling areas, a firepit and a fitness center. Taurus had also renovated 124 of the units during ownership.

Simon Butler, Biria St. John and John McLaughlin of CBRE represented Taurus in the sale. The buyer was an affiliate of The Green Cities Company of Portland, OR.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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