Chestnut Place
Chestnut Place is a 207 unit apartment complex in a Boston suburb which primarily consists of single-family residences. This property has historically high occupancy. These factors help insulate it from competition thereby allowing steady increases in revenue and valuation.
Asset Description
• Garden style community
• 6 brick buildings, 207 apartments
• B level asset
• Tenant base includes individuals and families supporting multiple local industries
Geographic Selection Criteria
• Boston metropolitan area
• Easy access to multiple employment centers
• Proximity to Boston commuter rail
• Near two interstate highways providing short commutes to both Route 128
high-tech corridor and Worcester (New England’s 2nd largest city)
Transaction Highlights
• Purchased from Fairfield Residential for $16.6 million
• Completed $1.4 million renovation and improved NOI by over 10%
• In 2011, bought out partners and locked in $17.8 million of 10-year fixed rate financing at 4.36%
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