DEDHAM, MA-Fairfield Dedham LP, a subsidiary ofAtlanta-based BVT Equity Holdings Inc., has closedthe sale of Station 250, a 285-unit class A, transit-orientedapartment community just outside Boston to anArchstone-sponsored partnership for $94.25million, GlobeSt.com has learned exclusively. The news builds upona previous announcement over the summer that Archstone would beacquiring the asset and renaming it as Legacy Place.

Michael Sauer, senior vice president ofdevelopment at BVT Real Estate Development, tells GlobeSt.com thatcompetition was “intense” for the property, noting that 15 biddersthrew their hats in the ring for the asset. “But they [Archstone]came in very high,” he says. “It was a very smooth and clearand smooth transaction with them.”

The acquisition news broke shortly after Archstone filed a$100-million IPO by Lehman BrothersHoldings, which outlined that acquiring class Amultifamily in gateway cities was a core part of the company’sgrowth plan. As GlobeSt.com previously reported, the building isacross from the Legacy Place lifestyle center, which includeshigh-end retailers like Apple, Whole Foods Market and ShowcaseCinema de Lux. It is also adjacent to the Dedham Corporate CenterMBTA station, which offers commuter rail service to downtownBoston.