Invictus Real Estate Partners has obtained $67.2 million in refinancing for the multi-family property Eliot on Ocean. The property, comprising 194 residential units, is located in Revere Beach, Massachusetts, a coastal suburb approximately five miles outside of Boston. The financing was provided by Bridge Investment Group Holdings as a three-year floating-rate loan. The JLL Capital Markets team, consisting of Scott Aiese, Tom Sullivan and Alex Staikos, arranged this transaction.
Scott Aiese emphasised the property's "irreplaceable location" in a statement, particularly its excellent public transport links. He noted that this represents a value-add strategy for the sponsor, who aims to achieve higher market rents through capital improvements. According to Aiese, Revere Beach is one of the few remaining value-add opportunities in Boston's limited waterfront housing market. Since 2015, the market in Revere Beach has received over $1 billion in institutional investment.
Eliot on Ocean, which opened in 2016, is located at 660 Ocean Avenue in Revere Beach, a three-mile stretch of coastline home to the United States' first public beach. The seven-storey building encompasses 143,252 square feet and offers residents direct beach access. Furthermore, the apartment complex is situated directly at the Massachusetts Bay Transportation Authority's Wonderland Blue Line Station, allowing for a journey to Downtown Boston in under 35 minutes.
Invictus Real Estate Partners plans comprehensive improvements to the property. These include redesigning the lobby and communal areas. Additionally, appliances and fixtures within the residential units will be modernised to further enhance the property's value and enable more attractive rents.
- —Modernisation of the lobby
- —Upgrading of communal amenities
- —Improvement of appliances and finishes in the apartments
The planned measures are intended to increase the attractiveness of Eliot on Ocean and solidify its position as a sought-after residential property in this desirable coastal region. The strategic refinancing and planned investments underscore confidence in the long-term value of the location and the ability to realise significant value appreciation through targeted modernisations.
