Invictus Real Estate Partners has bought the Eliot on Ocean, a beachfront community in the greater Boston area, from Westbrook Partners for $84.3 million. The 194-unit, transit-oriented property is located at 660 Ocean Ave. in Revere, Mass.
Eliot on Ocean was built in 2016, with Westbrook acquiring the six-story property soon after in 2017. The 143,252-square-foot community offers one-, two- and three-bedroom units averaging 738 square feet. Apartment amenities include stainless steel appliances, quartz countertops, heated bathroom floors and walk-in closets. It features a fitness facility, a sun lounge, a barbecue and outdoor picnic area, a resident community room with working spaces and Wi-Fi, an entertainment lounge and kitchen, a pet spa, bicycle storage and garage parking.
JLL Managing Director Chris Phaneuf, Senior Director Adam Dunn and Associate 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 its 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, floating-rate loan through Barings.
Eliot on Ocean is across the street from Revere Beach, which overlooks Broad Sound near Boston Harbor. The asset is within walking distance of the Massachusetts Bay Transportation Authority’s Blue Line, offering 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 greater Boston area’s entertainment and employment hubs.
Revere is one of the fastest-growing submarkets in Massachusetts, with a 10 percent population growth between 2010 and 2020, according to the Massachusetts Metropolitan Area Planning Council. With no new multi-housing development during the preceding 25 years, Revere Beach has added 1,400 multi-housing units across six new developments since 2016. Additionally, rents in the submarket have remained 30 percent lower than those of nearby downtown Boston.
Earlier this year, Invictus acquired two Class A properties in Norwalk, Conn.—The Berkeley at Waypointe and Quincy Lofts.