The Green Cities Company Announces the Acquisition of Two Multi-family Assets—Strata and The Prescott
The Green Cities Company is pleased to announce two recent acquisitions—The Prescott in Portland, OR and Strata in Malden, MA. The properties are the first two assets to be acquired under the new firm name, The Green Cities Company, and reflect the firm’s ongoing strategy of investing in high quality assets with value growth opportunities created by leveraging the firm’s expertise in operations, capital improvements, and the implementation of ESG strategies.
Strata is a multi-family building located in Malden, MA, a northern Boston suburb. The property features 295 units consisting of studio, one-, two-, and three-bedroom floor plans. Resident amenities include a resident lounge, outdoor seating and BBQ areas, a pool and sundeck, and fitness center. The property is located just one mile from a major US highway, providing direct access to downtown Boston in 15 minutes and is also a short shuttle ride from MBTA bus service, which connects riders to multiple MBTA train lines.
The Green Cities Company will look to increase value through unit renovations, adding bike storage, creating additional, rentable storage units, and the implementation of ESG strategies.
The Green Cities Company acquired the property on January 29, 2021 from Taurus Investments. The property was acquired by Green Cities Fund IV, the firm’s fourth value-add fund.
About The Prescott
The Prescott is a multi-family building located in Portland, OR. The property features 155 units consisting of studio, one-, and two-bedroom floor plans, and approximately 10,000 square feet of rentable retail space. The property is located in the Overlook neighborhood of North Portland, directly adjacent to a MAX light rail station and two blocks from major highway access. Major employers in the area include Adidas North American Headquarters and Daimler Trucks. The property is also a short walk from the Mississippi and Vancouver/Williams commercial corridor, which features a plethora of dining, shopping, and entertainment options. Current amenities include a fitness center, dog wash and grooming station, and a large outdoor area with seating, BBQs, a fire pit, and bocce ball and pickleball courts.
The Green Cities Company will look to increase value through unit renovations, upgrades to common area spaces and the implementation of ESG strategies.
The Green Cities Company acquired the property on January 28, 2021 from an independent seller. The property was acquired by Green Cities Fund IV, the firm’s fourth value-add fund.