BOSTON, MA - Greystar Real Estate Partners, a global leader in the investment, development, and management of high-quality rental housing properties, announced the acquisition of the 230-unit Ocean 650 on behalf of its real estate funds.
Located at 650 Ocean Drive in Revere, Mass., the asset represents an opportunity for Greystar to acquire a best-in-class property in the rapidly evolving Boston metro submarket, which continues to outpace the rest of the area in rent growth. The seller is a joint venture between Upton & Partners and TA Realty.
“The acquisition of Ocean 650 complements Greystar’s strategy of acquiring high-quality transit-oriented assets where we can add value through operational improvements in infill, rapidly improving submarkets of Boston metro,” said Kevin Kaberna, Executive Director and leader of Greystar’s U.S. Investment platform. “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. 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.”
Completed in 2017, Ocean 650 benefits from a prime location across the street from Revere Beach, which provides 3.5 miles of beachfront and breathtaking views of the Boston skyline. The property is steps away from the new MBTA Wonderland station, which provides Blue Line access to downtown Boston in less than 20 minutes.
Residences boast nine- to 11-foot ceiling heights, plank wood flooring, white quartz countertops with tile backsplashes, stainless steel Whirlpool Energy Star appliances, and in-unit washers and dryers. Ocean 650’s ample amenities include a rooftop deck, outdoor pool, fire pit and grilling area, dog walk and groom room, fitness center with spin and yoga studios, and resident work spaces, among others.
As the nation’s largest apartment operator with 480,000 units under management, Greystar currently owns approximately 3,000 units in the Boston area and manages 10,000 more. Greystar will continue to leverage its local market expertise and deep industry relationships to identify attractive investments and management opportunities throughout the Boston area.