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TA Realty Buys Revere Beach Apartments for $121.5M

Image courtesy of Google Maps

An oceanfront apartment complex completed in 2021 on Revere Beach yielded $121.5 million for the original development team.

Boston-based TA Realty acquired The Robinson, a 230-unit complex developed by Fairfield, Connecticut-based Post Road Residential at 656 Ocean Ave.

Designed by architects Bargmann Hendrie + Archetype, the 247,013 square-foot complex is located on a 1.1-acre parcel near the MBTA’s Wonderland station.

The purchase price equates to over $528,000 per unit. The complex currently lists units renting for $2,625 to $4,225, according to Apartments.com.

People’s United Bank provided $59 million in construction financing for the project in 2020. Post Road Residential partnered with The Carlyle Group on the development.

The city of Revere sold the property to the developers in 2020 for just under $2 million, according to a Suffolk County deed.

Commercial & Industrial