Paying Big Bucks:Several Key Properties Bought by New Developers

October 21, 2017
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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.

The hotel will be the largest commercial development on Revere Beach in over 20 years. JBX’s acquisition follows Lixi Group of Montreal, QC’s acquisition of 1.31 acres overlooking Revere Beach, on which the proponent will construct a 150-room Marriott SpringHill Suites hotel, for $2 million in cash earlier this month.

The Shipwreck site at 55 Revere Beach Blvd., is actually two properties being combined for the project, according to Robert O’Brien, director of Economic Development for the city of Revere. The project has been fully approved by the city but is awaiting review by the Revere Beach Development Review Board and the Massachusetts Historical Commission.

Once approved it is expected that the project will begin  construction by the end of the year.

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