Image courtesy of CBRE

A 295-unit apartment complex at 500 Broadway in Malden has been acquired by The Green Cities, formerly known as Gerding Edlen, for $95.5 million from Taurus Investment Holdings of Boston.

The sales price for the all-market-rate property known as Strata works out to nearly $324,000 per unit. Set on an 8.4-acre parcel, the complex contains a five-story elevatored building with average unit sizes of 892 square feet.

Taurus acquired the property near Route 1 in October 2017 for $71 million and renovated 124 of the units and updated the common-area amenities, which include an outdoor pool, grilling stations and firepits.

CBRE’s Simon Butler, Biria St. John and John McLaughlin represented the seller and procured the buyer.

“The asset provides the buyer, The Green Cities Company, a stable investment opportunity given its proven track record and upside given the quality of the asset and potential value-add opportunities,” Butler said in a statement.