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Florida Developer Buys Revere Apartment Complex For $74.6M

Jun 5, 2015 | Reprints | Unlock Link | Print

Lennar Northeast Urban has sold the Alterra at Overlook Ridge apartment complex in Revere to a Florida developer for $74.6 million.

Fern Development Ltd. of Boca Raton financed the purchase with a $46.2 million mortgage from PNC Bank, according to documents filed with the Suffolk County Registry of Deeds. The company is affiliated with Schmier & Fuerring Properties Inc. of Boca Raton.

Lennar acquired the Revere property off Salem Street and 14 others in the Northeast from Roseland Property Co. of Short Hills, N.J. in 2005.

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