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364 Ocean Avenue

Greg Pesek And Peter A. Merrigan Acquire Multifamily Complex On Revere Beach For $45M
SOLDMultiFamily

Greg Pesek And Peter A. Merrigan Acquire Multifamily Complex On Revere Beach For $45M

364 Ocean Avenue, 370 Ocean Avenue & 388 Ocean Avenue

$45,000,000

Units

303

Asset Type

MultiFamily

Closing

Feb 25, 2026

AI

The multifamily asset located at 364 Ocean Avenue, 370 Ocean Avenue, and 388 Ocean Avenue in Revere, MA comprises three high-rise towers within the 303-unit Water’s Edge complex. The property was sold for $45,000,000, equating to a price per unit of $148,515. The transaction took place more than a year after the property underwent a partial condemnation, resident evacuations, and the prior owner’s bankruptcy.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $45,000,000
  • Units: 303
  • Address: 364 Ocean Avenue, 370 Ocean Avenue & 388 Ocean Avenue
  • Market: Revere, MA
  • Buyer: Greg Pesek - Eastern Real Estate & Peter A. Merrigan - Taurus Investment Holdings
  • Seller: Water’s Edge LP

The key individuals involved in the transaction include Greg Pesek representing Eastern Real Estate and Peter A. Merrigan representing Taurus Investment Holdings, who collectively facilitated the acquisition of the property from seller Water’s Edge LP.

Players

Taurus Investment Holdings
Taurus Investment HoldingsBuyer

Revere MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.35%

Cash-on-Cash

-0.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93