Business & Tech

Oak Grove Village Could Be Sold

Pembroke Real Estate, owners of the apartment development, are exploring a possible sale.

Three years after its completion, Oak Grove Village could be sold to a new owner.

A spokesman for Pembroke Real Estate, the current owner of the apartment complex at the Malden-Melrose line, confirmed that Pembroke is in discussions with a potential buyer, but could not say who the potential buyer is due to confidentiality agreements.

Asked why Pembroke is exploring a sale, the spokesman said, "It’s been a successful property within the portfolio, but we just thought now was an appropriate time to start exploring a potential buyer."

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Residents were notified last week 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.

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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. The Pembroke spokesman said the apartment fill rate is close to 100 percent.


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