480 Main at Malden Square
Update
07/31/16
DSF Group acquires 480 Main, new 195-unit Malden Square apartment building, for $73.75 million
This past Friday (July 29th, 2016), Waltham, MA-based real estate investor DSF Group acquired 480 Main, a new 195-unit, 243,611 square foot Malden Square apartment building with 9,600 square feet of ground-floor retail, for $73.75 million as recorded in the Middlesex South Registry of Deeds. The sale equates to approximately $303 per square foot and approximately $378,205 per residential unit. Units at the 100% occupied 480 Main range from studios to two-bedrooms and 526 to 1,050 square feet. Rents range from $1,855 to $2,950 per month per the 480 Main leasing website.
480 Main opened in April 2015; an official ribbon cutting for the building was held in October 2015. The building features an outdoor patio with a swimming pool and grilling stations, 171 underground parking spaces, a media room and a fitness center. The Malden Center MBTA Orange Line station is located steps away.
480 Main's developer and seller is Priderock Capital Partners of West Palm Beach, Florida, who acquired the approximately 61,869 square feet of land on which the building is built for a total of $3.15 million last decade. Approximately 10,433 square feet at 450-464 Main Street were acquired for $1 million in June 2003. Approximately 25,792 square feet at 466-490 Main Street were acquired for $1.4 million in July 2003. A third plot, 33 Dartmouth Street, was acquired for $750,000 in foreclosure in February 2006.
Priderock Capital Partners invested $54 million to develop 480 Main and secured $34 million in project financing in July 2013 through PNC Bank. DSF Group, 480 Main's buyer, invests in residential and office space in a number of markets and acquired the 433-unit former Avalon Danvers, since renamed Halstead Danvers, in Danvers, MA for $108.5 million in June 2014. Halstead is DSF Group's signature brand for residential communities.
The following is the deed for DSF Group's acquisition of 480 Main this past Friday for $73.75 million:
