JLL Capital Markets announced that it has closed the $84.35 million sale of and arranged $60.9 million in acquisition financing for Eliot on Ocean, a 194-unit, transit-oriented, Class A multihousing community in the greater Boston community of Revere, Massachusetts.
JLL marketed the property on behalf of the seller, Westbrook Partners. Invictus Real Estate Partners acquired the property. Additionally, JLL worked on behalf of the new owner to secure the three-year, floating-rate loan through Barings.
Built in 2016, Eliot on Ocean offers one-, two- and three-bedroom units averaging 738 square feet. Unit amenities include stainless steel appliances, quartz countertops, heated bathroom floors and walk-in closets. The community features a fitness center, sun deck, wine room, yoga studio, bike storage, game room, clubhouse, dog grooming station and more.
Located in the Revere Beach corridor at 660 Ocean Ave, Eliot on Ocean is within walking distance to the MBTA’s blue line, providing a 15-minute ride to the Financial District and a 10-minute ride to Boston’s Logan International Airport. Additionally, the community is 2.3 miles from Suffolk Downs, 4.4 miles from downtown Boston and 5.2 miles from Cambridge, proving quick access to the greater Boston MSA’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. With no new multi-housing development over 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.
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.
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,” said Eric Scheffler, Managing Partner of Invictus. “Thanks to the JLL team on helping to secure the accretive debt for the acquisition.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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