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Greystar Pays $381K Per Unit for Malden Apartments
A couple of months after Rockpoint paid a reported $268 million for Altitude Apartments in Malden, MA, another nine-figure transaction in Malden has closed at a higher per-unit price. The Boston Business Journal reported Tuesday that Greystar paid $112.5 million for Strata, which has been rebranded as Avana Cliffside. The sale of the 295-unit property at 500 Broadway comes out to about $381,000 per unit, compared to slightly less than $292,000 per unit for Altitude.
Greystar bought Avana Cliffside from The Green Cities Co. of Portland, OR, according to sales records cited by the Business Journal. Green Cities also owns The Caldwell, which opened in 2021 in Lynn.
Avana Cliffside last sold in 2021 for $95.5 million. It was last assessed by the city of Malden at $69 million.
For Greystar, the Malden property adds to a growing portfolio of Boston-area multifamily assets, reported the Business Journal.
- ◦Sale/Acquisition
