Greystar Real Estate Partners has completed the $56-million purchase of a 6.90-acre development site approved for a 741-unit multifamily located at 1690 Revere Beach Parkway in Everett, MA. The project will deliver both market rate and workforce housing units as well as 16,400 square feet of ground floor retail.

Jeff Black and Tom Welch of Colliers along with Chris Sower of Cushman & Wakefield represented the seller, Quincy, MA-based real estate firm The Grossman Companies.

Research from Colliers found that in contrast to situations for most other property types, macroeconomic conditions have mostly created a favorable demand story for multifamily investors.

“This transaction speaks volumes to the resilience of Greater Boston and the developer’s confidence to proceed with a large-scale, market-making development in Everett’s vibrant, mixed-use Commercial Triangle District,” said Black.

Real estate developer and manager Greystar Real Estate Partners has two additional area multifamilies underway: 85 Boston Street (714 units) and 35 Garvey Street (450 units).