Photo courtesy of the city of Malden

A hilltop apartment complex in eastern Malden has traded hands, with a Boston-based investor the new owner.

The Altitude Apartments near the Revere/Malden/Melrose city line traded for $268 million on March 31, according to a pair of deeds filed with the South Middlesex registry.

The seller was an affiliate of Boston-based investment firm Metropolitan Properties of America; the buyer was an affiliate of Rockpoint, a fellow Boston-based real estate investor.

Walker & Dunlop provided a $189.12 million mortgage as part of the deal according to registry filings.

“We are excited to add Altitude Apartments to our extensive residential portfolio,” Rockpoint Co-President Tom Gilbane said in a statement. “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.”

The complex, built on a rocky hill overlooking Route 1 and Malden’s Linden Square was put up in 1973. At 919 apartments across 13 buildings, the purchase price works out to slightly less than $291,621.33 per door.

According to Rockpoint’s announcement of the deal, the property’s kitchens and bathrooms have been recently renovated. Amenities include a “resort-style” package, Rockpoint said, including a yoga studio and fitness center, swimming pool, billiard and community room, theater room and basketball and tennis courts.

The development is also served by the MBTA’s 411, 428 and 430 bus lines, which provide roughly hourly connections to the Square One Mall in Saugus, the Market Basket-anchored Northgate Shopping Center in Revere and Malden Center’s Orange Line station. Under the MBTA’s planned redesign of its bus network, those lines are slated to be replaced by the 108 line, which is planned to offer service to Malden Center as frequently as every 25 minutes during most of the day.

Rockpoint Buys Malden Apartments for $268M

by James Sanna time to read: 1 min
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