Taurus acquires 295-unit Cliffside Commons apartments in Malden for $71 million

Taurus Investment Holdings has acquired the 295-unit Cliffside Commons apartment community in Malden, located just off of Route 1 a short drive to Downtown Boston, for $71 million. CBRE Capital Markets provided $52 million in mortgage financing towards Taurus' acquisition, which amounts to approximately $240,678 per unit, and also represented Cliffside Commons' seller, Fan Du of Qianlong Management, in the transaction. Du acquired Cliffside Commons in 2013 from The Guardian Life Insurance Company of America for $60 million in another deal brokered by CBRE. BlackRock Realty Advisors, who sold Cliffside Commons to Guardian, paid $38.35 million to acquire Cliffside Commons in 2011 and acquired the building in 2005 for $55.4 million from original developer John M. Corcoran Company.

Cliffside Commons features studio, one-, two- and three-bedroom apartments with communal amenities including a pool and grilling area, a fitness center, a resident lounge and on-site parking and bicycle storage. The building was completed in 2000. Following Taurus' acquisition, The Dolben Company will manage Cliffside Commons. Taurus also recently acquired the 190-unit new-construction Wellington Parkside Apartments in nearby Everett for $56,007,000, or $294,774 per unit, in April 2017.

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