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Properties

The Gateway
THE GATEWAY
MALDEN, MA


 
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%
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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Charter Capital Management, Inc.