Malden, MA Representatives of CBRE, led by Simon Butler, Biria St. John, John McLaughlin, and Brian Bowler, completed the sale of The Gateway at Malden Center, a 203-unit, 100% market rate apartment community for $97 million.

CBRE exclusively represented the seller, an affiliate of Chicago, IL-based Equity Residential. CBRE also procured the buyer, an affiliate of San Francisco-based FPA Multifamily, LLC. 

Built in 1988, The Gateway at Malden Center is comprised of two 12-story elevatored buildings and is 100% market rate. There is also a 37,729 s/f five-story office building between the two residential towers and a 349-space three-story garage. Because the community is located across the street from the Malden Center T station, it provides easy access to numerous employment centers through both the commuter rail and Orange Line. The property has a mix of studios, one-, and two-bedroom units with an average home size of 961 s/f. The property has an extensive amenity offering including a resident lounge, indoor pool, gym and laundry on each floor.

Butler said, “We are pleased to have represented Equity Residential in the sale of the Gateway at Malden Center. The seller was able to successfully execute their business plan, having acquired the community in 2003. The property offers the buyer the opportunity to execute their value-add strategy with superior proximity to Boston and Cambridge.”