Assembly Row Apartment Building Sells To Chicago Firm For $188M
Chicago-based investor Mesirow acquired a new 329-unit apartment building in Somerville's Assembly Square.
The firm bought Alta Revolution apartments for $188M, according to public records, as first reported by Banker & Tradesman. The seller, Wood Partners, bought the site for $34M in 2019 and completed construction on the building in 2022.
The 344K SF apartment building sits on the corner of Revolution Drive and Grand Union Boulevard. Walker & Dunlop provided $104M in acquisition financing, according to the deed records.
The building includes a mix of studio, one-, two- and three-bedroom apartments and has 66 units set aside as income-restricted. It has 10K SF of retail.
The Assembly Square area of Somerville has seen massive development in recent years, making it an attractive area for residents.
Last year, the city updated its Assembly Square Neighborhood Plan as more development began to occur in the mixed-use area. The neighborhood plan prioritizes new development, growing its economy and creating safer roads throughout the neighborhood.
In October, Federal Realty's Assembly Row development added Athleta, Coach, Zwilling J.A. Henckels and Paper Source as new retail tenants. Federal also announced it would add a 4K SF dog park, the Boston Business Journal reported.
The neighborhood's life sciences development pipeline is also booming. BioMed Realty's 495K SF Assembly Innovation Park is set to complete in 2024. Last month, Greystar celebrated the topping off of its development called 74M, a 465K SF, 17-story life sciences building on Middlesex Avenue.
