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Guardian Life Sells Boston Area Apt. Portfolio for $84.5M

Chestnut Hill Picks Up 581 Units; Plans to Rebrand, Upgrade Assets
December 10, 2012
The Guardian Life Insurance Co. of America sold a 581-unit multifamily portfolio in Framingham, MA, to Chestnut Hill Realty for $84.5 million or $145,439 per unit.

Grandview Terrace is a 300-unit property at 1400 Worcester Road. The six-story, 286,920-square-foot, Class C apartment building was built in 1966 on 4.25 acres. The 281-unit Grandview Village is at 1296 Worcester Road. The six-story, 325,626-square-foot, Class C multifamily was built in 1966 and is on 7.5 acres. Both communities are about 35 minutes west of Boston.

Chestnut Hill plans to rebrand the properties as Water View Apartments at Framingham and spend several million dollars to improve the structures.

Simon Butler and Bria St. John of CBRE-New England represented the seller.

Please refer to CoStar COMPS #2609562 for more information.
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