Rockpoint JV Acquires Boston Community

Real estate private equity firm Rockpoint has acquired Altitude Apartments, a 919-unit apartment community in Malden, Mass. The acquisition was completed in partnership with Metropolitan Properties, a local operator that is the current owner of the property.

Located at 211 Kennedy Dr., Altitude is a 13-building community that spreads across 41 acres some nine miles north of downtown Boston. The property offers studio, one-, two- and three-bedroom apartment homes featuring newly renovated kitchens and bathrooms. It was completed in 1973 and was 89 percent occupied at the time of the sale, according to Yardi Matrix data.

Among the features and finishes of its residences are hardwood floors in living areas and tile floors in kitchens and bathrooms. Units feature private balconies or patios and above-average ceiling heights.

Common-area amenities include a yoga studio, a billiard and community room, a fitness center, a pool, a theater room, basketball and tennis courts, a playground and a duck pond with walking paths. 

In a prime location

In a prepared corporate statement, a senior official of Rockpoint indicated that Altitude Apartments’ location within the Boston area is among its most appealing attributes. The Malden address is 60 seconds from U.S. Route 1, which lets residents easily commute into and out of downtown and metro Boston.

Onsite MBTA bus services provide direct access for residents to the Greater Boston metropolitan area. The nearness of five transit-subway stations within a 10-minute drive and six commuter rail stations within a nine-mile drive adds to the commuting convenience for Altitude Apartments’ residents.

Maplewood, the Malden neighborhood in which Altitude Apartments is located, is located one mile east of downtown Malden. Maplewood features a wide selection of dining and shopping opportunities, as well as recreational settings. Four institutions of higher learning are situated within a 16-mile drive. Five parks and recreational areas are situated within an 11-minute drive, while the area includes access to three different hospitals or medical centers within a 13-minute drive.

Boston consistently ranks as one of the most resilient multifamily markets in the nation. Beantown’s limited supply growth led to a 10 basis point year-over-year increase as of November, up to 96.5 percent in stabilized properties. Year-over-year average advertised asking rents also rose at a rate double the U.S. figure.