Rockpoint Buys Resi Complex in Boston Suburb for $268M

Boston-based Rockpoint is adding to its enormous portfolio in the region with the acquisition of a multifamily complex about 20 minutes out of the city.

Rockpoint purchased Altitude Apartments at 211 Kennedy Drive in the suburb of Malden for $268 million, the Boston Business Journal reported. The deal for the 919-unit complex breaks down to nearly $292,000 per unit.

Another Boston-based firm, Metropolitan Properties, is the seller in the deal and plans to keep an unspecified stake in the complex. It purchased the property — then known as Granada Highlands — in 2007 for $181 million.

The complex is situated on 41 acres above Route 1 and is spread across 13 buildings. Amenities at the complex include a business center, clubhouse, fitness center, sauna, pool, playground, basketball court, tennis court and screening room. The monthly rent ranges from $1,840 to $3,435 per month, according to Apartments.com.

“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,” Rockpoint co-president Tom Gilbane said in a statement.

Rockpoint has acquired more than 95,000 multifamily units and 16,000 rental homes in the last 30 years, but its influence stretches across both residential and commercial holdings across the country.

In February, Rockpoint began marketing the planned site of a 213,500-square-foot warehouse complex in the City of Industry in California for $96.1 million, more than double what it paid for the asset less than two years earlier. Construction on the property has not even begun.

Last month, Rockpoint and the Brooksville Company scored a $275 million loan to refinance the buildings at 63-67 Wall Street in Lower Manhattan, converted offices with more than 800 units between the pair. Apollo Global Management provided the debt.

— Holden Walter-Warner