Westbrook Partners Sells Boston-Area Multifamily for $84M

BOSTON, MA – Invictus Real Estate Partners has acquired a 194-unit, class A, multifamily community in Revere, MA for $84.35 million from Westbrook Partners.

Situated in the greater Boston area, the transit-oriented community, Eliot on Ocean, is located at 660 Ocean Ave.

Eliot on Ocean offers one-, two- and three-bedroom units that average 738 square feet. The properties’ units feature stainless steel appliances, quartz countertops, heated bathroom floors and walk-in closets. The asset also features a fitness center, sun desk, wine room, yoga studio, bike storage, a game room, clubhouse and a dog grooming station.

The Revere Beach corridor has added 1,400 multi-housing units across six new developments since 2016. For 25 years prior, the area had no new multifamily developments.

As one of the fastest-growing submarkets in Massachusetts, the city of Revere experienced a 10% population growth between 2010 and 2020. Additionally, the submarket’s rents have remained 30% lower than those of downtown Boston.

JLL marketed the property on behalf of the seller and closed the sale. The JLL capital markets investment sales and advisory team representing the seller was led by managing director Chris Phaneuf, senior director Adam Dunn and associate Scott DiSciullo.

JLL additionally arranged the three-year, floating-rate $60.9 million acquisition loan through Barings, on behalf of the new owner. The JLL capital markets debt advisory team representing the borrower was led by managing director Scott Aiese, directors Alex Staikos and Jackie Meagher, and analyst Hugh Doherty.

“We are excited to acquire this ocean-front, institutionally-owned asset and we strongly believe in the continued growth of this Boston sub-market,” says Eric Scheffler, managing partner of Invictus Real Estate Partners. “Thanks to the JLL team on helping to secure the accretive debt for the acquisition.”