|Number of units||207|
Jones Lang LaSalle (JLL) has been exclusively retained to market Chestnut Place Apartments (the “Community”), a 1971 vintage, 207-unit value-add apartment community located in Ashland, Massachusetts. Ashland is a premier Massachusetts town, boasting an average household income of over $161,000, 16.36% population growth from 2010 to 2020, a top-ranked school system (A rating from Niche), and premium lifestyle amenities such as the adjacent Ashland State Park and nearby retail within the “Golden Triangle”.
Chestnut Place’s location offers convenient access to both downtown Boston and downtown Worcester, as well as the strong suburban office and lab market west of the city in the Interstate 495/Mass Pike Corridor. This location offers excellent access to virtually all forms of transportation. The Property lies 4.5 miles south of Interstate 90, the main east/west thoroughfare connecting western Massachusetts to downtown Boston and Logan International Airport and 6 miles east of Interstate 495, which surrounds the outer suburbs and connects Boston’s North Shore to Cape Cod. Route 135 also bisects Ashland, providing connectivity to other western suburbs. From a public transportation perspective, the site is located just 2.5 miles from the Ashland MBTA commuter rail station, which is located on the popular Framingham/Worcester line and provides access to Boston (57 minutes) and Worcester (40 minutes).
Chestnut Place Apartments provides investors the opportunity to invest in a high-quality community with substantial upside potential. The Property will be sold free and clear of debt financing, allowing prospective investors to structure the sale to take advantage of their unique capital strategy and today’s highly attractive financing.
- 207 Unit Value-Add Opportunity
- 96% Occupied
- Proven renovation program
- Excellent costs basis compared to new product and replacement costs
- Convenient access to Suburban employment nodes
- Minutes from MBTA Commuter rail