Multifamily

REVERE, MASS. — Real Estate Capital Partners (RECAP) is teaming up with Covington Realty Partners LLC to develop The Vanguard at Waterfront Square, a 194-unit apartment community in Revere, a northeast suburb of Boston. The $41.7 million master-planned development includes 900 residences in addition to offices, hotels and retail, as well as access to the Revere Beach oceanfront. The Vanguard will span 144,443 square feet and feature a mix of one-, two- and three-bedroom units. Chicago-based Covington expects to break ground on the property this month. Covington and New York City-based RECAP,through its RECAP Metropolitan Opportunity Fund III LP, acquired the 1.6-acre site at 800 Ocean Ave. from Eurovest Development for $4.8 million.

PITTSBURGH, PA. — Pennrose has completed construction of The Gateway at Summerset, a 131-unit apartment community in Pittsburgh’s Squirrel Hill neighborhood. The apartments include open-floor plans featuring gourmet kitchens with granite countertops, stainless-steel appliances and breakfastbars. Rents for one- and two-bedroom apartments range from $1,375 to $2,025 a month. Two-bedroom units include a laundry room and more than 1,000 square feet of living space. One-bedroom apartments span nearly 800 square feet. Amenities at the community include a private, furnished clubhouse with full-service kitchen, fireplace, floor-to-ceiling windows and a 24-hour fitness center. The Gateway, which was built and is managed by Pennrose, follows Phase I of thecommunity called The Reserve at Summerset.

DOVER, N.J. — Gebroe-Hammer Associates has arranged the $4 million sale of Lion Gate at Granny Brook, a 27-unit luxury, garden-style apartment complex in Dover. Located at 91 Park Heights Ave., the apartment community opened in 2012 in the restored Carson & Gebel Co. Ribbon factory building. The three-story brick complex features a mix of studio, one- and two-bedroom apartment units, on-site parking and two centralized laundry rooms. The apartments include 12-foot ceilings, ceramic-tile bathroom flooring, granite vanity tops, wall-to-wall carpeting, cherry-tone kitchen cabinets and faux granite countertops. Stephen Tragash, vice president at Gebroe-Hammer Associates, represented both the seller and the buyer in the transaction.