(REVERE, MA) – Hines, the international real estate firm, announced today that it has entered into a Joint Venture with Belfonti Companies, LLC and Bridge Investment Group for the acquisition of a development site at 646 Ocean Avenue in Revere, Massachusetts. The 1.4-acre site is the last developable site on Revere Beach.
Hines, Belfonti and Bridge plan to develop a 209-unit beachfront apartment community on the site. The project will include an elevated, outdoor courtyard and pool overlooking the Atlantic Ocean, structured parking, gym and retail component.
“When the Belfonti Companies introduced us to this opportunity, we immediately recognized the potential of this development site. We are excited about working together with Bridge Investment Group and Belfonti to create a superior residential community in an oceanfront location with convenient access to downtown Boston,” said Hines Senior Managing Director David Perry.
According to Michael Belfonti, CEO and founder of Belfonti Companies, “The property’s location is its best amenity. Not only will residents have direct waterfront access to Revere Beach, the country’s oldest public beach, but they will also be within walking distance of the Wonderland Train Station. The northern terminus of the MBTA Blue Line of Wonderland Train Station is located just a half of a block away from the new community, so that will provide our residents with a 20-minute direct access to downtown Boston and the city’s financial district.”
“Bridge Investment Group is excited to be expanding its investment portfolio in the Boston area, particularly on this unique, transit-oriented location. This represents a wonderful opportunity for us to provide quality residential units for the community alongside our partners Hines and Belfonti Companies,” added Bridge Investment Group’s David Coelho.
Groundbreaking is expected to begin in the summer of 2021 with completion expected in 2023.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Belfonti Companies
Belfonti Companies, LLC, headquartered in Hamden, Connecticut, actively pursues real estate development and investment opportunities throughout the United States and internationally. Belfonti Companies is a family of organizations that focus on investment, development and management of real estate, thus playing a significant and multi-faceted role in the real estate market. Michael Belfonti, the company’s founder, president and CEO, has always believed in acquiring real estate on the basis of its profit- making potential, and it is precisely this philosophy that has enabled Belfonti Companies, LLC to successfully own and manage millions of square feet of real estate over the years. From its modest beginnings in 1980, Belfonti Companies, LLC has grown to become a solid and highly esteemed company, successfully completing billions of dollars’ worth of transactions. At the present time the group’s portfolio contains a wide variety of assets, including approximately 3,000 residential apartment units and nearly one million square feet of office buildings, retail centers, and industrial parks. www.belfonti.com
About Bridge Investment Group
Bridge Investment Group is a privately-held real estate investment management firm with $22.0 billion in assets under management. Bridge combines its 4,100+ person, nationwide operating platform with specialized teams of investment professionals focused on select U.S. real estate verticals, which Bridge believes offer above-market opportunity: multifamily, office, seniors housing, affordable housing, opportunity zones, and debt strategies. For more information, visit www.bridgeig.com