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Bill Walton & Keith Gelb Of Rockpoint Acquire Multifamily Asset In Malden For $268M

Property Image
SOLD
$268,000,000
Bill Walton
KG

Massachusetts

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MultiFamily
Sold 04/01/2025
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Property Image
SOLD

Bill Walton & Keith Gelb Of Rockpoint Acquire Multifamily Asset In Malden For $268M

211 Kennedy Drive

See Similar Deals
MultiFamily
Sold 04/01/2025
Bill Walton
KG
the dealplayerscompscontact
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Summary

MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily asset located at 211 Kennedy Drive in Malden, MA has been sold for $268,000,000. The property consists of 919 units, offering a price per unit of $291,621.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $268,000,000
  • Buyer: Bill Walton & Keith Gelb
  • Buyer’s Representative: Bill Walton & Keith Gelb - Rockpoint
  • Seller: Metropolitan Properties
  • Units: 919
  • Price Per Unit: $291,621

Rockpoint, represented by Bill Walton & Keith Gelb, has acquired the Altitude Apartments in Malden. The former owner, Metropolitan Properties, has retained a stake through a partnership arrangement.

Details

SOLD
IMAGE: Bill Walton & Keith Gelb DATE: 04/01/2025 ADDRESS: 211 Kennedy Drive MARKET: Malden, MA ASSET TYPE: Multifamily BUYER: Bill Walton & Keith Gelb - Rockpoint SELLER: Metropolitan Properties SALE PRICE: $268,000,000 UNITS: 919 ~ PPU: $291,621 NOTE: Rockpoint has acquired Altitude Apartments in Malden for $268 million, with former owner Metropolitan Properties retaining a stake through a partnership.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$14,293,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$952,147.41
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,270,456.73
Annual Debt Service$15,245,480.73