Assembly Row Apartment Building Sells To Chicago Firm For $188M

Chicago-based Mesirow acquired the Alta Revolution apartment building for $188M from Wood Partners.
Chicago-Based Mesirow Acquired The Alta Revolution Apartment Building For $188M From Wood Partners.

Chicago-based investor Mesirow acquired a new 329-unit apartment building in Somerville's Assembly Square.

The firm bought Alta Revolution apartments for $188M, according to public records, as first reported by Banker & Tradesman. The seller, Wood Partners, bought the site for $34M in 2019 and completed construction on the building in 2022.

The 344K SF apartment building sits on the corner of Revolution Drive and Grand Union Boulevard. Walker & Dunlop provided $104M in acquisition financing, according to the deed records.

The building includes a mix of studio, one-, two- and three-bedroom apartments and has 66 units set aside as income-restricted. It has 10K SF of retail.

The Assembly Square area of Somerville has seen massive development in recent years, making it an attractive area for residents.

Last year, the city updated its Assembly Square Neighborhood Plan as more development began to occur in the mixed-use area. The neighborhood plan prioritizes new development, growing its economy and creating safer roads throughout the neighborhood.

In October, Federal Realty's Assembly Row development added Athleta, Coach, Zwilling J.A. Henckels and Paper Source as new retail tenants. Federal also announced it would add a 4K SF dog park, the Boston Business Journal reported.

The neighborhood's life sciences development pipeline is also booming. BioMed Realty's 495K SF Assembly Innovation Park is set to complete in 2024. Last month, Greystar celebrated the topping off of its development called 74M, a 465K SF, 17-story life sciences building on Middlesex Avenue.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Boston Newsletters
Related Stories

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

Bringing Stability And Savings To CRE Insurance Through Working Layer

Boston Property Owners Raise Alarms About Cost Of Electric-Building Push

Former Arms Dealer Targeting Heartland Apartment Takeover Files For Bankruptcy

SEC Charges REIT, Its Founders With Alleged $152M Fraud Scheme

Miami's Condo Craze Has Developers Spending Millions On Sales Galleries

Clarion Under Contract To Sell 18-Story Seaport Office Tower

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

Ryan Cos. Secures Permit For Austin's Sixth Street Redevelopment

Rapper Rick Ross Joins 670-Unit Miami Gardens Condo Project

How A New Financing Model Helps Spur More Mixed-Income Housing