A development wing of Greystar apartment home owner and manager paid an undisclosed figure to acquire the 230-rental residence Ocean 650 in Revere, Massachusetts.

Greystar Real Estate Partners, LLC, bought the high-end community on behalf of its real estate funds, according to the Charleston-headquartered real estate company.

Located near the beach at 650 Ocean Drive, the purchased locale provides the nation's largest rental residence manager with a "best-in-class property in the rapidly evolving" metro Boston area, which outpaces the rest of the city and environs in rent growth, Greystar says.

A joint venture between Upton & Partners and TA Realty sold the property.

"The acquisition of Ocean 650 complements Greystar's strategy of acquiring high-quality assets (near transit stations) where we can add value through operational improvements in infill, rapidly improving submarkets of Boston metro," says Kevin Kaberna, executive director and leader of Greystar's U.S. investment wing. “Northern Boston continues to be a top performer in the metro, and we believe our plan to leverage Greystar's operational efficiencies will allow us to seek to maximize the property's potential," he says. "We believe the outlook for this market is bullish and expect to see rapid transformation as a result of the potential redevelopment of Suffolk Downs and the surrounding areas."

Construction at Ocean 650 finished up in 2017. The rental community holds a prime spot one street from Revere Beach, which counts 3.5 miles of beachfront and scenic views of the Boston skyline. The property is close to the new Metro Boston Transit Authority Wonderland station, which accesses downtown Boston in less than 20 minutes, Greystar says.

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Ocean 650 residences showcase nine- to 11-foot ceiling heights, plank wood floors, white quartz counters with tile backsplashes, stainless steel energy-saving kitchen appliances and in-unit washers and dryers. Attractions include a rooftop deck, outdoor pool, fire pit and grilling area, dog walk and groom room, fitness center with spin and yoga studios and resident work spaces, according to the apartment-home manager and developer.

The country's largest apartment operator with 480,000 units under management, Greystar owns 3,000 leasing residences in the Boston area and manages 10,000 more. The company says it will continue to look for "attractive investments and management opportunities" throughout greater Boston.

Greystar operates in more than 150 markets worldwide including the U.S., United Kingdom, continental Europe, Latin America and Asia-Pacific. It is the largest apartment manager in the U.S., overseeing more than 480,000 units with an estimated value of $80 billion-plus.

Real estate entrepreneur Bob Faith founded Greystar in 1993 "with the intent to become a provider of world class service in the rental housing real estate business," the company says. Visit www.greystar.com.