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."

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.

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.

Kelley July 11, 2012 at 10:51 AM
PBV is a nice complex. Just make sure you do the right thing and sell it to a company that will keep up the maintenance and quality and not let it go down hill.
Kelley July 11, 2012 at 10:53 AM
I meant Oak Grove Village.
Marc Levine July 11, 2012 at 11:26 AM
Great idea call Alpha Management maybe they would interested.
ForestDale July 11, 2012 at 12:01 PM
Is any part of this complex in Malden or is it wholly contained in Melrose?
Mark Micheli July 11, 2012 at 01:14 PM
With the short supply of residential real estate and the large demand (especially near transit stops), the market is ripe for a sale. I'm surprised no real estate developers pitched a similar plan for the National Grid site across from Malden Center Station and that the only proposal the city got was for a baseball park.
Mark Micheli July 11, 2012 at 01:15 PM
I forgot to include a link to this article about the current state of residential real estate in the Greater Boston area: From a former employer, the Boston Business Journal: http://www.bizjournals.com/boston/real_estate/2012/07/low-vacancy-short-supply-boost-landlords.html
howard mcgowan July 11, 2012 at 01:59 PM
MALDEN ended on the "wrong end of the stick" After many complaints by former coucillor (when the council was active) Sheehan who sued to protect Malden Interest Malden got the parking lot Melrose got the tax producing Budilings
howard mcgowan July 11, 2012 at 02:01 PM
Alpha after the run down older properities in Malden to exploit as luxury "market rate" Apartments. WAKE UP CITY OF MALDEN
Tony H. July 11, 2012 at 04:42 PM
I believe the National Grid plot is considered a brownfield site and there are restrictions for land use, so not much can go there other than commercial anyway. I'm surprised a developer hasn't pitched a plan for the former Ryan Family Amusement site (now a parking lot) off Malden Square.
Paul Weston July 11, 2012 at 05:08 PM
Part of the complex is located in Malden, according to the Assessor's database. The legal street address is 5 Island Hill Ave. There are 45 units located on the Malden side, with an assessed value of $21million and generating about $311K in property taxes annually to the City of Malden.
Kelley July 11, 2012 at 05:19 PM
Tony, I agree. Is that the lot next to the Immigrant Learning Center? There used to be furniture building there? If so, that space looks very awkward. Something was going to go in there and then the plans changed. It needs filling in.
Tony H. July 11, 2012 at 05:25 PM
Lynette, that's the one! Hopefully the planned renovation of Malden Square will attract some investment capital to re-develop the lot. It's less than .5 miles from Malden Station and it'll be a nice walk!
Gene Pinkham July 11, 2012 at 06:22 PM
The National Grid site is zoned as Industrial B.
DannyBoy July 11, 2012 at 07:38 PM
Lynette, they're planning a new 195-unit apartment complex at the site next to the Immigrant Learning Center in Malden Center (see link http://www.cityofmalden.org/index.cfm?fuseaction=content.faq&faqTypeID=20).
Abe July 11, 2012 at 07:39 PM
More apartments, just what Malden needs. Not
Kelley July 11, 2012 at 09:13 PM
Thank you for the information. I don't know how I missed that. It looks good. I hope it can be fully rented. But if it attracts families it will surely put a strain on the schools. But anything to get the downtown populated and energized. Now we just need some diverse businesses other than the familiar pizza and nail shops(which are good-just saying). But I know with the way things are right now, businesses won't come unless there are people with the means to support them. But I wish the city well with the new plans.
Tony H. July 11, 2012 at 09:15 PM
Good to know! Thanks for posting.
howard mcgowan July 11, 2012 at 09:27 PM
THE MELROSE/MALDEN DEVELPOMENT THANKS to Mike Sheehans diligence in protecting Malden with lawsuit to protect Malden when he was a councillor at large. Should be of inspiration of our present council of their role in property dedelopment. Maybe time for the Mayor to reign in the Malden Redevelopment Authority on "disasters" Why are the Eropean Developers who acted responsible pulling our of US on good real estate invesments and leaving us with :losers like Hillside Urban ProperertiesLLc and their Management Company Alpha Properities
Kelley July 12, 2012 at 02:30 AM
You are right Michael. Truth be told the city of Boston has a lot more to offer than Malden and that is where I do the bulk of my purchasing. But I wouldn't mind keeping more of my dollars here. I do support the many good restaurants we have here though. Malden is doing well in that respect.
Don July 12, 2012 at 11:43 AM
Build the ball park, my goodness folks. The Yankees want to move into Pawtucket, so we could have the triple A farm team in Malden. Forget about all this talk for rent control and such, tearing down projects/buildings replacing with nice new developments, that will improve things big time. Malden is a baseball town, hockey town, well we know. Lowell has a good thing with the single A farm team, we could do better. Imagine the human home run shooting over the wall into the malden river, too good.
howard mcgowan July 12, 2012 at 12:06 PM
Posting not picked up in answers to Micheal so repeat info Sheehan sued to protect the interest of Malden properities line and placing of tx producing buildings. Complicated if not followed from the beginning Mike is on Facebook and maybe would be willing to explain How to protect cities interest in developments. Our present councillor should help citiizens and the city in the developments as they come in Reign in the Malden Redevelpooment property reviews and make accountable. WE NEED transparency


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