Invictus buys apartments in Boston area – Multi-family real estate news
Invictus Real Estate Partners bought Eliot on Ocean, a beachfront community in the greater Boston area, from Westbrook Partners for $ 84.3 million. The 194-unit transit-focused property is located at 660 Ocean Ave. in Revere, Massachusetts.
Eliot on Ocean was built in 2016, and Westbrook acquired the six-story property shortly thereafter in 2017. The 143,252 square foot community offers one, two and three bedroom units averaging 738 feet in size. squares. Apartment amenities include stainless steel appliances, quartz countertops, heated floors in the bathroom and walk-in closets. It has a fitness center, solarium, barbecue and outdoor picnic area, a community hall for residents with workspaces and Wi-Fi, a entertainment lounge and kitchen, pet spa, bicycle storage and garage.
JLL Managing Director Chris Phaneuf, Senior Managing Director Adam Dunn and Partner Scott DiSciullo represented the Seller and procured the Buyer. JLL Managing Director Scott Aiese, Directors Alex Staikos and Jackie Meagher and Analyst Hugh Doherty represented Invictus in the purchase of the property. Aiese, Staikos and Doherty also worked with the buyer to secure $ 60.9 million in acquisition financing, arranging a three-year variable rate loan through Barings.
Eliot on Ocean is across from Revere Beach, which overlooks Broad Sound, near Boston Harbor. The asset is within walking distance of the Massachusetts Bay Transportation Authority Blue Line, providing a 15-minute ride to the Financial District and a 10-minute ride to Boston’s Logan International Airport. The property is close to Suffolk Downs, downtown Boston and Cambridge, providing access to the entertainment and employment centers of the greater Boston area.
Revere is one of Massachusetts’ fastest growing submarkets, growing 10% between 2010 and 2020, according to the Massachusetts Metropolitan Area Planning Council. With no new multi-unit development over the past 25 years, Revere Beach has added 1,400 multi-unit units in six new developments since 2016. Additionally, rents in the submarket have remained 30% below those in nearby downtown Boston.
Earlier this year, Invictus acquired two Class A properties in Norwalk, Connecticut â The Berkeley at Waypointe and Quincy Lofts.