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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 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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