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THE GATEWAY MALDEN, MA |
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| Description |
Investment Date: July 1993 Investment Cost: $11.7 Million Improvement Cost: $2.0 Million Sale Price: $34.9 Million Sale Date: May 2003 IRR: 35.5% |
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| The property consists of two residential towers containing 203 apartment units and a four-story commercial building containing 36,822 square feet of office space. It is located five miles from Boston and was constructed in 1988. Strategy The Gateway was purchased at 35% of replacement cost. The residential units were occupied yet the commercial space was completely vacant. The commercial space was fully leased and the entire property was professionally managed. The property was sold for $34.9 million in 2003. |
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