Life is a beach for Carlyle and Post Road Residential, which sold a multifamily property steps in a seaside Boston suburb.
TA Realty purchased The Robinson, near Revere Beach in the eponymous city, for $122 million, the Boston Business Journal reported. The beach is roughly five miles north of Boston’s downtown district.
Carlyle and Post Road Residential sold the 230-unit property for $528,000 per unit. It’s unclear how much it cost the two companies to develop the building — which opened two years ago — but they spent less than $2 million to purchase the site at 656 Ocean Avenue in 2020.
The last assessment by the city put the value of the property at $116 million. The sale closed two weeks ago.
The monthly rent ranges from $2,625 to $4,225, according to Apartments.com. Amenities for the waterfront development include a business center, a fitness center and a pool.
Revere Beach is becoming a popular development site. A handful of buildings have been erected on the beach in the past decade, dwarfed in height by the 12-story Robinson. Seven buildings have opened between St. George’s condos on Revere Beach Boulevard and Waters Edge on Ocean Avenue. The development matches the fervor of those moving to Revere, the fastest-growing city by population in Massachusetts during the 2010s.
This year, Boston-based TA Realty — led by managing partners James Buckingham, Michael Haggerty and James Raisides — sold two buildings spanning 83,000 square feet of industrial space at 5261 Northwest 161st Street in unincorporated northwest Miami-Dade County, Florida. An affiliate of Miami-based Midtown Capital Partners was the buyer.
This year also saw Carlyle, a private equity giant, hand ownership of 29 office condos across the street from the United Nations headquarters in Manhattan to AllianceBernstein. The deed transfer to the AllianceBernstein affiliate valued the condos at a combined $60.8 million.
Post Road Residential is a Connecticut-based multifamily developer founded by Andrew Montelli in 2011. The team focuses on multifamily development between Boston and New York City, creating nearly 3,500 rental units.