Greystar Real Estate Partners has expanded its US multifamily portfolio with the acquisition of a 230-unit property on behalf of its real estate funds.
The real estate manager said it acquired the newly built Ocean 650 property in Boston from a joint venture between Upton & Partners and TA Realty. No financial details were disclosed.
Kevin Kaberna, an executive director and leader of Greystar’s US investment platform, said: “The acquisition of Ocean 650 complements Greystar’s strategy of acquiring high-quality transit-oriented assets where we can add value through operational improvements in infill, rapidly improving submarkets of Boston metro.
“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. 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.”
Greystar manages 480,000 units in over 150 markets globally. It currently owns around 3,000 units in the Boston.