Image courtesy of Greater Boston Design Assoc.

A development site recently approved for a 59-unit apartment mid-rise overlooking Revere Beach is being offered for sale.

The 459-463 Revere Beach Boulevard site is one of the last direct oceanfront lots available on Revere Beach, according to Jodi Dilorenzo of Century 21 North East in Revere. The property is listed at $6.5 million and includes four contiguous parcels spanning 0.6 acres.

The site contains several small residential buildings and is approved for a 77,000-square-foot apartment building including 55 one-bedroom units and three penthouses, along with 90 spaces of mechanized parking.

As apartment rents in Greater Boston shatter pre-COVID levels, both downtown and suburban multifamily properties have been selling for record prices per-unit.

Redgate’s 500 Ocean apartment complex near Revere Beach station on the MBTA Blue Line was acquired by Rockpoint Group in October for $158 million, or nearly $519,000 per unit. The Green Cities Co. bought the Caldwell high-rise in downtown Lynn, which was completed by Lynnfield-based Procopio Cos. in 2021, for $123.5 million, or nearly $477,000 per unit.

Buyer Sought for Revere Beach Development Site

by Steve Adams time to read: 1 min