Terence M. Scott, vice president of Apartment Realty Advisors,represented Fairfield Residential in the transaction, while theseller represented itself. "This is another major property thatApartment Realty Advisors has sold that is located on the Route 495ring, but within a few miles to a commuter rail station withservice to Boston. The commuter rail stop adds significant value tothese communities, and drives sales prices higher," notesScott.

Scott tells GlobeSt.com that the complex's proximity to the railstation was certainly a positive factor in the buyer's decision topurchase this property. "It is of significant interest," he says.Among the other recent deals in the Route 495 market were an85-unit complex in Franklin, called Union Square, which sold for $7million; a 184-unit complex in Framingham which sold for $23million; and, a 202-unit complex in Millis called Stony BrookVillage, which sold for $23 million.

Chestnut Apartments, which was built in the 1970s, consists ofgarden-style apartments located in the Metrowest/Boston businesscorridor within four miles of the Massachusetts Turnpike near Route495. Commuter rail service to Back Bay Station and South Station isavailable from the new Ashland station, which is located within amile of Chestnut Apartments. The station opened in August 2000.