Pembroke Acquires Proto Multifamily Community in Cambridge, Massachusetts
International real estate firm Pembroke has announced the acquisition of Proto, a highly sought-after multifamily property located in Kendall Square, Cambridge, Massachusetts. Opened in 2018, Proto has established itself as a vibrant residential community and is currently 95% occupied, reflecting strong demand in one of the most dynamic urban markets in the United States.
Situated at the crossroads of technology, life sciences, and academia, Proto benefits from its location in Kendall Square—widely recognized as a global innovation hub. The acquisition marks a significant milestone in Pembroke’s broader strategy to diversify its global portfolio by expanding its residential footprint in major metropolitan markets.
A Modern Residential Community Designed for Urban Living
Proto comprises 280 thoughtfully designed rental units supported by a comprehensive suite of amenities aimed at enhancing residents’ quality of life. The property offers a variety of community spaces suited for social gatherings, remote work, and collaboration, alongside an onsite concierge that supports convenience and everyday needs.
Additional amenities include a landscaped outdoor terrace, a fully equipped fitness center, a pet spa, and extensive bicycle storage, catering to the active, urban lifestyles of its residents. Sustainability has been embedded into the property’s design, with LEED Gold certification, electric vehicle (EV) charging infrastructure, and all-electric ENERGY STAR–rated appliances installed throughout the units.
These features align closely with evolving resident expectations for comfort, sustainability, and flexibility in modern multifamily housing.
Advancing Pembroke’s Global Diversification Strategy
The acquisition of Proto represents Pembroke’s fifth residential investment in the past two years, underscoring the firm’s accelerated expansion into multifamily assets. According to Edward Johnson, President of Pembroke, this strategic shift reflects changing patterns in how people live and work globally.
“This decade has seen profound changes in the global real estate market,” said Johnson. “People want more from the places where they live and work, and they want ease in transitioning between those environments. We are diversifying our portfolio to complement our office and mixed-use assets by investing in residential properties in the same leading cities.”
Johnson noted that the Proto acquisition holds particular significance, as it represents Pembroke’s first Boston-area residential acquisition since launching its diversification strategy. The deal is also personally meaningful to the firm, as Boston is where Pembroke was founded nearly 28 years ago.
Continued Focus on Multifamily Growth Across Global Markets
Pembroke remains actively focused on identifying and securing additional multifamily development and operating opportunities across North America, Europe, and the Asia-Pacific region. The firm’s investment approach emphasizes high-quality assets in established urban markets, supported by long-term fundamentals.
“We continue to identify compelling opportunities in our target markets, whether through existing high-quality assets or ground-up developments,” said Jack Clark, Senior Vice President and Head of Investments at Pembroke. “Our global platform allows us to move quickly and close transactions efficiently. We’re excited about what opportunities 2026 may bring.”
This disciplined yet agile investment strategy has positioned Pembroke as a growing global player in the residential real estate sector.
Deepening Pembroke’s Commitment to the Boston Market
Beyond its residential investments, Pembroke remains deeply committed to Boston’s commercial and mixed-use landscape. A major focal point is the transformation of the former Seaport World Trade Center into Commonwealth Pier, a large-scale waterfront redevelopment project scheduled to open in 2026.
The revitalized Commonwealth Pier will feature a curated mix of restaurants, retail spaces, and public gathering areas, creating a year-round waterfront destination that connects Boston Harbor with the vibrant Seaport neighborhood. The project will also serve as a new home for Fidelity Investments and the Museum of American Finance, an affiliate of the Smithsonian Institution, which will offer free public access to its exhibits and educational programming.
“We’ve preserved the historic character of this iconic waterfront property while modernizing it for today’s users,” Johnson explained. “By reshaping the building and introducing next-generation technology, we’ve created spaces that encourage connection, movement, and discovery for both occupants and the broader community.”
Expanding Residential Footprint in Europe and Australia
In addition to the Proto acquisition, Pembroke continued its global expansion in 2025 with the purchase of multifamily development sites in Munich, Germany, and Melbourne, Australia.
In Munich, Alramstrasse 14, a 16,500-square-meter site located just four kilometers from the city center, is being redeveloped into a residential complex featuring high-quality rental apartments, green spaces, community amenities, and retail components.
Meanwhile, in Melbourne’s trendy Fitzroy neighborhood, Pembroke plans a mixed-use residential development at 155 Johnston Street, located less than two kilometers from the central business district. The project will deliver contemporary rental housing designed around lifestyle, connectivity, and urban convenience.
Transaction Details
Proto was developed by BXP (NYSE: BXP), which served as the seller in the transaction. The deal was brokered by Robert E. Griffin, Jr., Michael Byrne, Thomas Greeley, and Devlin Man of Newmark.
Pembroke is an international real estate business specializing in the development, acquisition, and management of office, mixed-use, and residential properties in leading global cities. Founded in Boston, the firm operates across North America, Europe, and the Asia-Pacific region, with offices in key markets. Pembroke is recognized for its long-term investment philosophy, design-led approach, and commitment to sustainability, placemaking, and community engagement.
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