Oak Grove Village Could Be Sold

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 Melrose-Malden 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.