Note: Editor Chris Caesar added some additional background information to this story.
The Real Reporter , an on-line site for the commercial property industry in the Greater Boston area, is reporting that the Oak Grove apartment complex located in Malden and Melrose and owned by Fidelity Investment, is being sold to General Investment & Development for about $185 million to $190 million, according to industry insiders.
Residents were notified last month via letter about the possibility that the complex could be sold.
According to information on the city's property assessment database, Oak Grove Village has a total value of $61,622,600. The building value accounts for $49,548,700 of that value.
Built in two phases, with phase one completed in 2007 and phase two completed in 2009, Oak Grove Village has a 550 apartments and seven retail spaces along Main Street and main entrance to the complex.