CHESTNUT HILL REALTY ACQUIRES HARVARD SQUARE APARTMENT PORTFOLIO

Chestnut Hill Realty Acquires Harvard Square Apartment Portfolio for $24.8 Million
Six-Building, 87-Unit Portfolio Located in the Heart of Cambridge

Cambridge, MA — 14 September, 2011 — Chestnut Hill Realty (CHR), one of New England’s leading multifamily real estate companies, today announced the purchase of a six-building, 87-unit apartment portfolio located in Cambridge, MA. The portfolio was purchased for $24.8 million, with financing provided by Citi Private Bank.

The six buildings, located at 1 & 3 Langdon Square, 55 Langdon Street, 59-61 Langdon Street, 65 Langdon Street, 1 & 3 Chauncy Street and 14 Centre Street, are currently 100% occupied. The properties benefit from a superb location within walking distance to restaurants, shopping, and public transportation. The rich culture and history of Harvard University and its surroundings make this one of the most desired residential locations in the country. Comprised of one bedroom styles starting at $1,575 per month and two bedrooms from $2,325 per month, the buildings will be managed and maintained by CHR’s regional office, located at 113 Kilsyth Road, Brighton, MA.

“There were numerous benefits to purchasing these properties, from the historically high occupancy rates, the desirability of the area and the synergy with our existing Cambridge portfolio,” said Stephen Gladstone, CHR’s Senior Acquisitions Manager. “We are pleased to expand our presence in Cambridge to more than 300 units. As a long-term investor in New England, we actively seek investment opportunities in Greater Boston that enable us to create value and add our own unique stamp.”

“We are pleased to have facilitated this transaction for Chestnut Hill Realty,” said Carmen Monks, Managing Director of Citi Private Bank. “CHR has been a very active client for years and we look forward to working with them on future transactions.”

Established in 1969 by Edward Zuker, Chestnut Hill Realty owns and manages more than 4,000 residential units, comprising 27 apartment home communities in Greater Boston and Rhode Island. Service offerings include apartment rentals, corporate/temporary housing, development and commercial leasing. CHR strives to deliver industry leading customer service and enhance the amenities and features at its apartment communities. For more information on Chestnut Hill Realty and its apartment locations, visit www.chestnuthillrealty.com.

# # #
Contact:
Gina Madaio
617-323-2100
gmadaio@chestnuthillrealty.com