Redgate Sells One Beachmont Multifamily Property in Revere for $77M

Boston developer Redgate has sold its 195-unit One Beachmont multifamily property, located at 205 Revere Beach Parkway, for $77M. The buyer is Nuveen Alternatives Advisors, a subsidiary of Nuveen, which manages $141B in real estate assets. The mid-rise building, developed by Redgate-affiliate Gate Residential Properties and The TransDel Corp. for $60M, opened in early 2019. It spans 226,000 square feet and is situated near the MBTA's Beachmont Blue Line stop. This sale marks Redgate's third divestment in the Revere Beach area, following the sales of 500 Ocean Ave. for $158M in 2021 and 21 Revere Beach Blvd. for $105M in 2022. Redgate still retains ownership of the 291-unit Gibson Point property in the same vicinity. The transaction highlights continued investment activity in Revere Beach, an area that has seen several large commercial real estate deals recently, including a $67M loan for the Eliot on Ocean and the $45M acquisition of Water's Edge. This ongoing activity indicates a robust market for multifamily assets in the Revere Beach corridor.