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Revere Complex Sold to Rockpoint for $158M

Image courtesy of Arrowstreet

Revere’s two-year-old 500 Ocean apartment complex has been acquired for $158 million by Boston-based private equity firm Rockpoint Group.

Developed by Redgate’s Gate Residential multifamily arm, the 305-unit complex near the MBTA’s Wonderland station opened in fall 2019 marketing rents ranging from $2,050 to $4,711.The sales price equates to nearly $519,000 per unit.

Designed by Boston-based Arrowstreet, the complex includes an outdoor pool, roof deck, co-working space and coffee bar, indoor lounge and club room and onsite dog daycare. Dryft, an Italian seafood restaurant, occupies a large ground floor space and patio.

Redgate’s Revere development projects include the 195-unit One Beachmont, which was completed in 2019, and the new 197-unit Ryder complex at 21 Revere Beach Boulevard.

B&T Daily