CBRE represents seller, The Green Cities Co., in sale of 295-unit Strata

Malden, MA Representatives of CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler completed the sale of Strata, a 295-unit, 100% market rate apartment community.

CBRE exclusively represented the seller, an affiliate of Portland, OR-based The Green Cities Company. CBRE also procured the buyer an institutional investor.

Built in 2000, Strata is comprised of a single five-story elevatored building and is 100% market rate. The community is located north of Boston off Rte. 1, providing access to numerous employment centers. 

The property has a combination of classic and renovated studios, one-, two- and three-bedroom units with an average home size of 892 s/f. The property has undergone some significant improvements recently with a refreshed expansive amenity offering including resident lounge, private work pods/workstations, fitness center, and expansive outdoor amenities.

CBRE’s Butler said, “We are pleased to have represented the Green Cities Company in the sale of Strata. The seller was able to successfully execute their business plan, having acquired the community in 2021. 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.”