Northeast Private Client Brokers $2,055,000 sale of Washington Ave. Development in Revere
February 18, 2021
REVERE – Northeast Private Capital, a mid-market investment sales firm represented the seller and sourced the buyer for a development property in Revere, on Washington Avenue. The development, located at 257 Washington Ave was sold by Senior associates Francis Saenz and Drew Kirkland along with Investment Associates Jim Casey; and Brad Carlson represented the seller and procured the buyer in the $2,055,000 transaction.
“Over the last few years, the Boston Planning and Development Agency has permitted millions of square feet in new development. There is a great amount of demand for residential apartments and a shovel-ready project is very desirable. After marketing the project for a short amount of time we were able to negotiate a contract with a local developer,” referenced Francis Saenz, Senior Associate.
The Washington Ave. Development is a fully approved 36-unit residential project, featuring on-site parking just five miles north of downtown Boston in West Revere. The building will consist of eight (8) studios, ten (10) one-bedroom & 18 two-bedroom/two-bath floor plans. According to a release, all the units will include an in-unit washer/dryer. The second and third-floor units also have balconies and ground-level garage parking for tenants. The development opportunity sits on three vacant lots totaling 24,823 SF.