Chestnut Hill Realty has paid $84.5 million for two apartment complexes with a combined 581 units in Framingham, Mass.
The two apartment communities, Granview Terrace and Grandview Village, are located within a half-mile of each other on Route 9. Chestnut Hill Realty said in a statement that the two apartments will be rebranded as Water View Apartments at Framingham.
"The location of the properties is a major positive," said Steve Gladstone, the firm's director of acquisitions, in a statement. "In addition to the accessibility to major roads, the area offers strong demographics, a large and growing job market, and an abundance of local entertainment, shopping and restaurant amenities. The MetroWest is one of the area's strongest submarkets."
According to details of the deal, Chestnut Hill Realty received $37 million in financing from People's United Bank and used a $27 million Fannie Mae loan as part of the acquisition.
Chestnut Hill Realty owns and manages more than 4,500 apartment units in Greater Boston and Rhode Island. These rental complexes, situated near the Foss Reservoir, were constructed between 1968 and 1973.
"There was a lot of deferred maintenance and so there is plenty of opportunity to put money back into the properties, create value and improve quality of life for residents," said Bobby Zuker, the firm's chief operating officer.
The two apartment communities are spread out over 4.25 acres of land, overlooking the Foss Reservoir. It consists of two six-story apartment buildings containing 300 units, including a mix of studio, one- and two-bedroom units with an average size of 944 square feet.
