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

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.