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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.