Real Estate Capital Partners (RECAP) is teaming with Covington Realty Partners to develop The Vanguard at Waterfront Square, a 194-unit rental apartment community on the waterfront 5.5 miles northeast of downtown Boston.
Covington and RECAP, through its RECAP Metropolitan Opportunity Fund III, acquired the 1.65 acre site at 800 Ocean Avenue, previously used as a parking lot, from Eurovest Development for USD4,850,000.
Covington expects to break ground on the fully entitled property by early November. The total estimated project cost is approximately USD41.7m.
The Vanguard will be the first project to be developed as part of the Waterfront Square TOD (transit-oriented development) master plan. The master development plan includes approximately 900 residences in addition to offices, hotels and retail and over five acres of public plazas and open space planned as well as access to the Revere Beach oceanfront. The project is located immediately adjacent to the Wonderland MBTA (Massachusetts Bay Transit Authority) Subway station (Blue Line), which provides rail service to downtown Boston and Logan Airport (4.2 miles from the project).
The Vanguard will comprise two elevator buildings with a total of 144,443 square feet including a clubhouse complex. An outdoor pool will offer unobstructed ocean views. The 194 apartments, with an average of 725 square feet, will comprise 142 one-bedroom units, 47 two-bedroom units, and five residences with three bedrooms.
“We are very excited to have the opportunity to invest in a unique project like Vanguard at Waterfront Square,” says Jorge Rojas, assistant vice president, RECAP. “We believe it will add to the vibrancy of Revere Beach and trigger subsequent phases of the Waterfront Square TOD master plan. This will be the first rental multifamily property constructed within the master plan area.”
Covington is currently partnering with RECAP on another apartment development, The Vanguard Crossing, located in University City in St. Louis, Missouri. In addition, the company’s principals partnered with RECAP on two previous development projects that have gone through the entire investment cycle. For this project, Covington is teaming up with Minco, a Boston developer that is assisting with permitting and approvals.