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Paying Big Bucks: Several Key Properties Bought by New Developers

October 21, 2017
 

Westbrook Partners, of New York City, have acquired the 194-unit Vanguard at Waterfront Square luxury apartment community on Revere Beach, which opened in 2016, for $59.85 million in cash. The sale amounts to approximately $308,505 per unit.

The Bozzuto Group has assumed management of Vanguard at Waterfront Square with Westbrook Partners’ acquisition. The project’s seller, a joint venture of Covington Realty Partners and Real Estate Capital Partners, paid $41.7 million to develop Vanguard at Waterfront Square. Vanguard at Waterfront Square features two newly constructed buildings located steps from the MBTA Blue Line stop at Wonderland, with amenities including a fitness center, a swimming pool, a clubroom, a business center, garage parking and sweeping ocean views throughout.

Westbrook Partners is currently developing other area projects like The Aberdeen, a 40-unit luxury condominium building in Brighton, and is proposing to construct 55 Wheeler Street, a 526-unit apartment community in West Cambridge, in a joint venture with Redgate.

Further down the beach JBX Developers of East Boston acquired the site of the future Revere Beach hotel for $2.2 million.

JBX Developers of East Boston has acquired the 0.34-acre site of the shuttered Shipwreck Lounge on Revere Beach, on which the proponent will construct a $15 million hotel. JBX received approval in August to construct a nine-story building on a 14,931 square foot site. The waterfront hotel features 175 hotel rooms, eight story building, an 80-seat restaurant, a rooftop terrace and a ground-floor cafe on the site, located at 49-54 Revere Beach Parkway steps from the Revere Beach MBTA Blue Line station. There will also be two below grade parking levels.

Full Story at Revere Journal linked here

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