DEDHAM, Mass.--(Archstone, a leader in apartment investment and operations, today announced the acquisition by an Archstone sponsored partnership of Station 250, a 285-unit apartment community in the Boston metropolitan area.)--
“We believe it is a nice addition to the 11 apartment communities and 2,958 units we own and/or operate in the Boston metropolitan area because of its location near entertainment venues and transportation options with access to major employment centers.”
Station 250, which is located at the corner of Elm Street and Robinwood Road in Dedham, Mass., was acquired for a purchase price of $94.25 million and will be renamed Archstone Legacy Place. The luxury apartment community is across the street from the Legacy Place lifestyle center and adjacent to the Dedham Corporate Center MBTA station with service to downtown Boston.
"Archstone Legacy Place is located in one of the nation's most prestigious markets -- the Boston metropolitan area," said Charles E. Mueller Jr., Archstone's president and chief operating officer. "We believe it is a nice addition to the 11 apartment communities and 2,958 units we own and/or operate in the Boston metropolitan area because of its location near entertainment venues and transportation options with access to major employment centers."
The nearby Legacy Place lifestyle center is home to an array of entertainment venues, such as Showcase Cinema de Lux, Make Meaning and Kings. The center also features a comprehensive shopping and dining experience with notable destinations like Apple, Anthropologie, Williams-Sonoma, Genki, P.F. Chang's and Whole Foods Market.
Archstone Legacy Place is within walking distance of the Dedham Corporate Center MBTA train station, which offers direct service to thousands of professional jobs in downtown Boston. Among the well-known major employers in downtown Boston are Fidelity Investments, Boston University and Liberty Mutual. In addition, Archstone Legacy Place offers direct access to I-95/Route-128, which connects to the Route-128 West office market. The office market is home to a number of large employers, including Biogen Idec, Texas Instruments, IMB, Agilent Technologies, Novell, Genzyme and AstraZeneca.
Inside the community, residents have access to quality-of-life enhancing amenities and upscale apartment features. The list of amenities includes a heated swimming pool with spa, Wi-Fi-enabled clubroom, fully-equipped fitness center and 24-hour business center. Inside the Boston apartments are granite countertops, European-style cabinetry, stainless steel appliances and full-size washers and dryers.
CB Richard Ellis – N.E. Partners, LP brokered the transaction for the seller, Fairfield Dedham LP, a subsidiary of Atlanta-based BVT Equity Holdings Inc.
Archstone is one of the largest owners of high-quality apartment communities in the United States and is focused primarily on the acquisition, development, redevelopment, operation and management of apartment communities in select supply-constrained, coastal markets. The company's portfolio is concentrated in many of the most desirable neighborhoods within the metropolitan areas of Washington, D.C., Southern California, the San Francisco Bay Area, New York City, Boston, Seattle and Southeast Florida. Archstone strives to provide great apartment rentals and great service to its customers—backed by service guarantees. As of March 31, 2012, the company owned or had an ownership interest in 181 communities in the United States with 59,419 units that were operating or under construction. In addition to its U.S. portfolio, the company also has a European operating platform through which it owns and manages apartment properties in Germany.