Lantern Road LLC has paid $18.5 million for the 215-unit Caruso Northgate Apartments complex in Revere. The property was sold by Dom Pat Realty Trust and Lechmere Street Limited Partnership.

A Revere apartment complex was recently sought out by an investor and sold for $18.5 million. The 215-unit Caruso Northgate Apartments – one of the largest apartment complexes in Revere – was bought by Lantern Road LLC.

The building is in an area with high barriers to entry, and the price was very fair, according to David Boyarsky of D.A.B. Brokerage Services of Brookline, who was the sole broker in the transaction. The complex was never on the market; Boyarsky approached the former owners, Dom Pat Realty Trust and Lechmere Street Limited Partnership, about the deal.

The Class B garden-style apartment community is located on Lantern Road, just off Route 60. It is roughly five miles north of Boston.

‘A High Demand’
Much of the complex was built between 1970 and 1974. Another building was built in 1993. The eight-building community has one 4.5-story building, five 4-story buildings, one 3.5-story building and one single-story building with a partial basement and two garages. The buildings feature block and wood-frame construction with red brick facades and concrete-slab foundations with the exception of the single-story structure, which has a partial basement. The community has a full amenity package including an outdoor swimming pool, a playground, ample parking and laundry rooms in each building.

“We find the multifamily market within the Boston suburbs to be very strong. The barriers of entry are difficult and continue to see a high demand from investors wishing to come into this market,” Boyarsky said in a prepared statement.

The sale allowed the buyer to capitalize on the strength of the investment market; at the same time, the investment has good long-term prospects due to the demand for affordable Class B garden-style apartments, according to Boyarsky.

The sale was financed by Bank of America Capital Markets.