Vanguard waterfront Square
Just a few miles north of downtown Boston sits Revere Beach, a three-mile stretch of public beach with restaurants, cafes, and a wide variety of recreational activities.
As of 2012, no professionally managed rental units had been constructed in Revere Beach in over 25 years. But with $70 million in critically needed public infrastructure improvements on the horizon (new parking garage, renovated train station, public plaza and walking bridge), the opportunity for new construction was ripe.
Covington spotted this unique combination of market conditions back in 2011 (date needs confirmation) and secured an oceanfront location for Vanguard Waterfront Square, a 194-unit upscale apartment development.
The project completed in summer of 2015 and sold just two years later with rents stabilizing 20% above projections.
Location: Revere Beach, MA
Project Completion: Summer 2015
Project Sale: Fall 2017