Rockpoint Acquires Altitude Apartments, Premier Residential Community in Greater Boston Metro Area

Acquisition adds to firm's extensive residential investments portfolio

BOSTON, March 31, 2025 /PRNewswire/ -- Rockpoint, a Boston-based real estate private equity firm, today announced the acquisition of Altitude Apartments ("Altitude"), a premier residential community in Malden, Massachusetts. Rockpoint acquired Altitude in partnership with Metropolitan Properties, a best-in-class local operator who is the current owner of the property. Financial terms of the transaction were not disclosed.

Altitude is a 41-acre multifamily community providing high-quality one-, two- and three-bedroom rentals nine miles north of downtown Boston. With 919 units across 13 buildings totaling 884,368 rentable square feet, the property offers spacious, modern residences that feature open floor plans, high-end appliances and finishes and newly renovated kitchens and bathrooms. The community's prime location is enhanced by proximity to local markets, shopping centers and a variety of dining options, as well as an on-site MBTA bus service providing direct access to Greater Boston. 

"We are excited to add Altitude Apartments to our extensive residential portfolio," said Tom Gilbane, Managing Member and Co-President at Rockpoint. "With Greater Boston's strong fundamentals supporting sustained demand for talent ? and in turn, quality housing ? this acquisition underscores our conviction in investing in high-quality assets in attractive markets that we know intimately."

"We are excited to partner with Rockpoint and to continue our ownership of Altitude Apartments, providing a high-quality living experience for the residents at the Property," said Greg Cohen, Chief Investment Officer at Metropolitan Properties. "This acquisition and newly formed partnership positions both firms to further expand their holdings in the market."

Altitude features a number of resort-style amenities for residents, including a yoga studio and fitness center, swimming pool, billiard and community room, theater room and basketball and tennis courts. The property also features scenic landscaping, including a duck pond and walking paths, ample on-site parking and a playground.

"Altitude represents a modern, high-quality property that offers residents the best of both worlds ? with wide open, relaxing spaces and convenient access to downtown and metro Boston," said Fred Borges, Senior Managing Director at Rockpoint. "We look forward to continuing to enhance the resident experience and positioning the Altitude community for long-term success."

Rockpoint has a longstanding history investing in the residential sector, with a current focus on multifamily and single-family rental properties. The firm has made 135 residential investments since 1995, including approximately 95,000 multifamily units and 16,000 rental homes.

About Rockpoint
Rockpoint is a Boston-based real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rockpoint continually assesses market opportunities and evaluates potential investments relative to intrinsic value, replacement cost, and cash flow, and targets investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Since 1994, the firm's co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have invested or committed to invest in 504 transactions with a total peak capitalization of approximately $80 billion. Rockhill, Rockpoint's property services affiliate, serves commercial and residential properties in select markets throughout the United States. To learn more, visit www.rockpoint.com.

About Metropolitan Properties
Founded in 1980, Metropolitan Properties is a Boston-based general partner operating in select metropolitan markets across the east coast. M | P offers a strategic and intentional combination of advantages that have sustained a track record of success. For over 40 years, Metropolitan's singular focus on multifamily real estate has developed a deep well of experience and established a solid reputation for operational excellence. M | P offers a unique advantage of a full-service, vertically integrated, real estate operating company that seeks to create value through all phases of the investment cycle. M | P is a certified Accredited Management Organization currently managing several thousand apartments in the Greater Boston MSA.

Contacts

Rockpoint
Sarah Salky / Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
[email protected]

SOURCE Rockpoint Group, L.L.C.