The Englewood, CO-based firm purchased the two-parcel site, located at 40-42 West St. and 66 West St., for $6.8 million from the Spence Family Trust and Anthony and Loretta Marino. The 11 acres had once been a working farm, David Burnham, with Burnham Real Estate in Reading, tells GlobeSt.com. Burnham says the properties, which had been on the market for about a year, were sought after by at least five other apartment developers. Burnham represented both the buyer and the sellers.
"Its close proximity to both Route 128 and Route 92 led them to select the property," says Burnham, noting that the site is located less than a two-minute drive from both roadways and close to a number of shopping areas. The project, which will feature amenities that include a pool, business center and recreation room, will be the eleventh apartment complex owned by Archstone-Smith in the Greater Boston area. The company also owns property in Burlington, Canton. Watertown, Waltham and Boston.
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