Photo courtesy of JLL

What: Eliot on Ocean
Where: 660 Ocean Ave., Revere
Owner: Invictus Real Estate Partners
Built: 2016 

One of the first in a growing line of new, transit-oriented rental complexes along Revere Beach has sold. 

Located next to the Wonderland station on the MBTA’s Blue Line and completed in 2016 by developer Upton & Partners, Eliot on Ocean offers the residents of its 194 units stainless steel appliances, quartz countertops, heated bathroom floors and a sun deck overlooking the first public beach in the United States. 

The property was the first to test Revere Beach’s waters after a 25-year drought in multifamily construction, followed closely by Upton & Partners’ neighboring 650 Ocean. The beachfront’s stretch of empty parking lots a 4.4-mile subway ride to downtown Boston has since proved attractive to successive multifamily developers and institutional investors like Westbrook Partners, which sold Eliot on Ocean to Invictus Real Estate Partners last month for $84.35 million. JLL Capital Markets’ Chis Phaneuf, Adam Dunn and Scott DiSciullo represented Westbrook in the transaction. 

They Said It: 

“We are excited to acquire this ocean-front, institutionally owned asset and we strongly believe in the continued growth of this Boston sub-market.” 

— Eric Scheffler, managing partner, Invictus Real Estate Partners