NAI/Hunneman Homes in on Malden

MALDEN — They might not have been there at the opening stroke of 2012, but NAI/Hunneman Commercial Co. multifamily brokers Carl Christie and Dan McGee have logged considerable hours in this Boston suburb both before and after the new year. Having closed out 2011 by completing a $6.8 million apartment building deal at 101-109 Summer St., the pair is now on the verge of wrapping up another hefty trade, this one covering 265 units in three separate locations.

“There’s a lot of action in Malden,” Christie acknowledges in an interview this week. “People like living here and (investors) like buying here . . . It’s a solid town.” Both the Summer Street offering and the 265-unit portfolio now being peddled for a long-held family trust have been well-received, says Christie, adding that McGee and he are now assisting another Malden owner in separately harvesting a 50-unit package. Christie declined to identify either that client or the parties involved in the larger portfolio.
The 70-unit Summer Street building acquired by CMS Partners LLC dates to the 1920s. “It’s a very attractive property,” says Christie, one he adds has been meticulously cared for during the seller’s 20-plus years of ownership. According to the broker, “101-109 Summer St. has enjoyed a strong occupancy history in an established and sought-after residential neighborhood.” The building that has a mix of studio, one- and two-bedroom units is within a 10-minute walk of the Orange Line subway that connects to Boston. Access to the Hub via public transit is among the attractions of Malden, says Christie, as well as varied community amenities and services such as extensive retail. The seller of the 70-unit building was 101 Summer Street LLC.

As for Christie and McGee, while the grass has been particularly green in Malden of late, their operation is prevalent in other communities. Part of a multifamily sales division that traded $78 million of apartment assets in 2011, they are presently marketing a 15-unit building on Kent Street in Brookline; a converted Roslindale school featuring 14 residential units; and a prized waterfront parcel in Rockport already permitted for 90,000 sf of residential or commercial space. Although conditions are not as busy as the go-go boom of 2005-2007, Christie says he is encouraged that capital is pursuing multifamily and owners are beginning to test the waters. “It’s a great time to be a buyer and a great time to be a seller,” he stresses, citing low interest rates and capital gains rates that remain untouched for the second.