Courtesy Arrowstreet

A luxury apartment complex on the Revere waterfront has been sold to a South Carolina investment firm for $89.25 million.

Greystar acquired the 230-unit Ocean 650 property from the original developers, Dedham-based Upton & Partners and TA Realty. The price works out to $388,000 per unit. Guardian Life Insurance provided a $48-million mortgage.

Completed in June 2017, the property includes three wood-framed residential podiums above 315 parking spaces on two levels.  Amenities include co-working space, a courtyard and pool. 650 Ocean was designed by Boston-based Arrowstreet, which also was responsible for the master plan for the 1.4-million-square-foot Waterfront Square redevelopment of parking lots on nine acres next to the MBTA’s Wonderland station.

Greystar manages a $31-billion portfolio for institutional investors, including nearly $10 billion in U.S. developments.

Revere Beach Apartment Complex Sold for $89M

by Steve Adams time to read: 1 min