Real estate firm Hines, along with its partners Belfonti Companies, and Bridge Investment Group, has announced the commencement of construction of Revio Revere Beach, a multifamily project with 209 apartments, in Massachusetts, US.
The project team has also closed on the construction loan with Santander Bank.
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This represents the fifth project of Hines that the bank has helped fund.
Situated at 646 Ocean Avenue in Revere, Revio Revere Beach will feature 209 apartments above a first-floor retail space.
Construction of the project is anticipated to complete by Q2 2024.
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Once built, each apartment is claimed to feature ‘high-end finishes and thoughtfully designed’ floor plans to provide convenience, comfort, and views of the water.
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By GlobalDataMore than 20,000ft2 of Revio Revere Beach will be allocated to amenities, including an elevated, outdoor courtyard, a large pool, and roof deck, which will overlook the Atlantic Ocean.
Hines senior managing director David Perry said: “Highly amenitized buildings have become the new normal, and these amenities are critical to attracting young professionals and empty-nesters looking for living spaces that offer real quality of life. Renters today are also looking for common areas that encourage and foster a social life. Revio Revere Beach offers all that and more.”
Belfonti Companies CEO and founder Michael Belfonti said: “It used to be that if people could buy, they would never rent. But today we are seeing a greater influx of renters-by-choice. We are confident that Revio Revere Beach is going to be the first choice for many people, and we expect that the units will lease very quickly.”
Bridge Investment Group senior managing director David Coelho said: “Revio Revere Beach is entering the rental market at just the right time, with ample work from home spaces and a focus on health and wellness. Our building has what it takes to attract residents who desire live-work-play all under one roof.”
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Image: Construction of the project is anticipated to complete by Q2 2024. Credit: justinedgecreative from Pixabay
