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Greystar Real Estate Partners has purchased a 6.90-acre site approved for a 741-unit multifamily at 1690 Revere Beach Parkway in Everett, MA for $56 million.

Greystar Real Estate Partners Buys $56M Multifamily Development Site in Everett

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).

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Colliers' Black

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.

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