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One Beachmont sells for $77M at 205 Revere Beach Parkway
The 195-unit building was developed for $60M and opened in early 2019, according to deed records cited by Bisnow.
Boston developer Redgate has sold a Revere Beach multifamily property, marking its third local sale, according to deed records first reported by Banker and Tradesman, as covered by Bisnow.
Bisnow reports that Redgate sold the One Beachmont development at 205 Revere Beach Parkway to Nuveen Alternatives Advisors for $77M. Nuveen Alternatives Advisors is linked to Nuveen, the institutional investment arm of TIAA, which has $141B in real estate assets under management.
The property is a mid-rise apartment building near the MBTA Beachmont Blue Line stop, totaling 226K SF and designed by Sheskey Architects and Duffy Design Group. Bisnow also notes the building opened at the beginning of 2019 after being developed by Redgate-affiliate Gate Residential Properties and The TransDel Corp.
Bisnow said the transaction is the latest in a run of large commercial real estate deals in Revere. It cited an August $67M loan for Invictus Real Estate Partners' Eliot on Ocean apartment building, a February $45M acquisition of Water's Edge by Taurus Investment Holdings in a bankruptcy proceeding, and a prior sale of The Robinson for $122M to TA Realty by Carlyle and Post Road Residential.