Ocean650 at Revere Beach purchased by Greystar Real Estate Partners LLC of S.C.
A development wing of Greystar apartment home owner and manager paid an undisclosed figure to acquire the 230-rental residence Ocean 650 in Revere, Massachusetts.
Greystar Real Estate Partners, LLC, bought the high-end community on behalf of its real estate funds, according to the Charleston SC-headquartered real estate company.
Located near the beach at 650 Ocean Avenue, the purchased locale provides the nation’s largest rental residence manager with a “best-in-class property in the rapidly evolving” metro Boston area, which outpaces the rest of the city and environs in rent growth, Greystar says.
A joint venture between Upton & Partners and TA Realty sold the property.
“The acquisition of Ocean 650 complements Greystar’s strategy of acquiring high-quality assets (near transit stations) where we can add value through operational improvements in infill, rapidly improving submarkets of Boston metro,” says Kevin Kaberna, executive director and leader of Greystar’s U.S. investment wing. “Northern Boston continues to be a top performer in the metro, and we believe our plan to leverage Greystar’s operational efficiencies will allow us to seek to maximize the property’s potential,” he says. “We believe the outlook for this market is bullish and expect to see rapid transformation as a result of the potential redevelopment of Suffolk Downs and the surrounding areas.”
Construction at Ocean 650 finished up in 2017. The rental community holds a prime spot one street from Revere Beach, which counts 3.5 miles of beachfront and scenic views of the Boston skyline. The property is close to the new Metro Boston Transit Authority Wonderland station, which accesses downtown Boston in less than 20 minutes, Greystar says.