ASHLAND, MA-Locally based Ashland Shelly Corp. sold the 207-unit Chestnut Apartments, which is located at 5-18 Joanne Dr., to Bethesda, MD-based Fairfield Residential for $19.4 million.

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

Scott tells that the complex’s proximity to the rail station was certainly a positive factor in the buyer’s decision to purchase this property. “It is of significant interest,” he says. Among the other recent deals in the Route 495 market were an 85-unit complex in Franklin, called Union Square, which sold for $7 million; a 184-unit complex in Framingham which sold for $23 million; and, a 202-unit complex in Millis called Stony Brook Village, which sold for $23 million.

Chestnut Apartments, which was built in the 1970s, consists of garden-style apartments located in the Metrowest/Boston business corridor within four miles of the Massachusetts Turnpike near Route 495. Commuter rail service to Back Bay Station and South Station is available from the new Ashland station, which is located within a mile of Chestnut Apartments. The station opened in August 2000.

Nordblom Co.’s Multifamily Investment Sales Team recently mergedwith Apartment Realty Advisors, a national firm specializing in the brokerage of multifamily real estate. Nordblom’s multifamily team is now known as Apartment Realty Advisors-New England. The New England ARA team had sales of over $320 million in 2003. Apartment Realty Advisors is the country’s only multifamily-exclusive investmentsales firm, with sales in 2003 totally $3.2 billion.

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