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Greystar Claims Ocean 650 in Boston for $89M
Charleston, SC-based Greystar Real Estate Partners, LLC acquired the 230-unit Ocean 650 from a venture of Boston-based TA Realty, and Dedham, MA-based Upton & Partners for roughly $89 million. The asset, located at 650 Ocean Dr. in Revere, MA, a north Boston suburb, was purchased on behalf of Greystar’s real estate funds.
Greystar’s Kevin Kaberna says, “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.”
Completed in 2017, the property is located across the street from Revere Beach, which provides 3.5 miles of beachfront and views of the Boston skyline, and is near the new MBTA Wonderland transit station.
CBRE’s Simon Butler, and Biria St. John represented the seller, and procured the buyer.
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- ◦Sale/Acquisition