(Updated with additional information)

Boston-based real estate private equity firm Rockpoint has acquired Altitude Apartments in Malden, MA. Rockpoint acquired Altitude in partnership with Metropolitan Properties, a local operator that is the current owner of the property. Although Rockpoint didn’t disclose financial terms, the Boston Business Journal reported the sale price as $268 million.

Altitude is a 41-acre, 919-unit, 13-building multifamily community at 211 Kennedy Dr. in Malden, nine miles north of downtown Boston. The community’s prime location is enhanced by proximity to local markets, shopping centers and a variety of dining options, as well as an on-site MBTA bus service providing direct access to Greater Boston, according to Rockpoint. 

“We are excited to add Altitude Apartments to our extensive residential portfolio,” said Tom Gilbane, managing member and co-president at Rockpoint. “With Greater Boston’s strong fundamentals supporting sustained demand for talent – and in turn, quality housing – this acquisition underscores our conviction in investing in high-quality assets in attractive markets that we know intimately.”