A Boston developer sold a Revere Beach multifamily property, marking its third sale in the area.
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Redgate sold its One Beachmont development at 205 Revere Beach Parkway to Nuveen Alternatives Advisors for $77M, according to deed records first reported by Banker & Tradesman.
The buyer is a subsidiary of Nuveen, the institutional investment arm of TIAA that has $141B in real estate assets under management.
The property was developed by Redgate-affiliate Gate Residential Properties and The TransDel Corp. for $60M and opened at the beginning of 2019.
The mid-rise multifamily building sits near the MBTA's Beachmont Blue Line stop. It totals 226K SF and was designed by Sheskey Architects and Duffy Design Group.
The sale is the latest in a series of big commercial real estate deals in Revere Beach.
In August, New York-based Invictus Real Estate Partners secured a $67M loan for its 194-unit Eliot on Ocean apartment building.
In February, Taurus Investment Holdings acquired the 303-unit Water's Edge multifamily property for $45M in a bankruptcy proceeding. Last year, Carlyle and Post Road Residential sold The Robinson for $122M to TA Realty.
Redgate has sold two other apartment buildings it developed in the area: 500 Ocean Ave. for $158M in 2021 to Rockpoint and 21 Revere Beach Blvd. for $105M in 2022 to Invesco.
The developer still owns the 291-unit Gibson Point multifamily property in Revere Beach.
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