Pembroke Bolsters Multifamily Dominance with Proto Acquisition in Cambridge
In a strategic move indicative of the multifamily market’s dynamism, Pembroke has expanded its real estate footprint with the acquisition of Proto, a residential property nestled in the pulsating heart of Cambridge’s Kendall Square. The 280-unit building, boasting an impressive 95% occupancy since its debut in 2018, underscores the allure of residential properties that offer convenience and a suite of quality amenities including community spaces, concierge services, and fitness facilities.
In their quest to meet the changing needs of urban dwellers who expect seamless integration of living and working environments, Pembroke furthers its diversification strategy through residential investments. “This decade is one when we’ve seen the global real estate market profoundly change—people want more from the places where they live and work, and they want ease in transitioning between these places. We’re diversifying our portfolio to complement our office and mixed-use properties in leading metropolitan markets by investing in residential assets in the same locations,” said Edward Johnson, President of Pembroke. In his reflection on Psi’s acquisition, he added, “Proto is our fifth residential acquisition in two years, and it’s particularly meaningful to us, because it’s not only our first acquisition in the Boston-area since launching our diversification strategy, but Boston also is the city where Pembroke began twenty-eight years ago.”
Pembroke showcases a robust commitment to diversification, setting their sights on more residential projects across North America, Europe, and Asia Pacific. “We continue to focus on identifying the attractive opportunities in our target markets, be it high-quality existing assets or ground-up developments, and are in a unique position to close deals expediently,” remarked Jack Clark, Senior Vice President and Head of Investments at Pembroke.
Beyond residential acquisitions, Pembroke shapes the Boston skyline with its redevelopment of the Commonwealth Pier. Slated to open in 2026, this revitalized hub will connect communities with a multiplicity of venues, advancing the city’s cultural and financial literacy through the inclusion of the Museum of American Finance.
Further afield, strategic acquisitions in Munich and Melbourne exemplify Pembroke’s global approach, blending local expertise with its international perspective to manifest quality living spaces and multifaceted communities.
Pembroke’s approach, blending its local roots with a global strategy, demonstrates a sophisticated understanding of the nuances in multifamily investment. Through acquisitions like Proto and visionary projects like Commonwealth Pier, Pembroke not only strengthens its portfolio but also fosters vibrant communities that resonate with modern lifestyles and aspirations.