(Read more on the multifamily market.)

PLAINVILLE, MA-A large apartment community owned by Fairfield Residential has been sold. The 399-unit complex traded for $41 million to an affiliate of Chestnut Hill Realty, a Boston-area firm active in the multifamily sector and one that has made several recent acquisitions in the region.

Fairfield has owned Colonial Village at 71 Messenger St. since spring 2004 when it paid $35.2 million in a campaign to bolster its holdings in New England. Set on 23 acres in southeastern Massachusetts, the complex is comprised of 10 three-story buildings that feature a mix of studios and one- and two-bedroom units ranging from 500 sf to 900 sf. Amenities include a business center, fitness facility, swimming pools and tennis courts.

According to sources, the complex is being renamed Village Green. And, the new ownership is said to be seeking monthly rents from $700 for a studio to $1,300 for two-bedroom accommodations.

Calls to Fairfield in the firm’s San Diego operations were not returned and efforts to reach Chestnut Hill Realty officials also were unsuccessful by deadline. A broker who handled the sale on behalf of Fairfield has declined comment. Simon Butler of Cushman & Wakefield Inc. negotiated the transaction along with Biria St. John and Robert E. Griffin Jr., members of the Boston office’s capital markets group. Butler and St. John also had negotiated the sale of Colonial Village to the Fairfield affiliate, DSF Plainville, more than three years ago.

Owned partly by Mitsubishi Corp., Fairfield is co-headquartered in San Diego and Grand Prairie, TX. The firm has a diverse multifamily platform, pursuing such elements as student housing communities in the southeast and condominium conversions. The Plainville purchase was consummated amidst a flurry of Massachusetts investments by Fairfield, with the firm also acquiring assets in Andover, Ashland and Tewksbury while also expanding into New Hampshire and Rhode Island.

Chestnut Hill Realty has been on its own buying spree of late, paying $55 million in March for a 243-unit apartment complex in Canton after securing a prime Cambridge property sporting 39 units for $10.7 million. Founded in 1969, the company owns and manages more than 3,500 residential units in Greater Boston and Rhode Island and controls nearly 250,000 sf of retail and commercial space.

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