Chestnut Hill Realty Completes 60 Units at Ridgecrest Village, Adds Parking Spaces, Streetscape and Revitalizes the Area

FOR IMMEDIATE RELEASE:
Friday, Oct. 4, 2013

Contact:
Upendra Mishra
The Mishra Group
(781) 466-9900, ext. 215
mishra@mishragroup.com

Chestnut Hill Realty Completes 60 Units at Ridgecrest Village, Adds Parking Spaces, Streetscape and Revitalizes the Area

WEST ROXBURY, MA (Oct. 4, 2013) – Chestnut Hill Realty (CHR), a full-service real estate company specializing in multifamily housing, announced today the completion of 60 units at its Ridgecrest Village Apartments in Boston's West Roxbury neighborhood, capping off $15 million worth of projects which commenced in 2012. This investment not only brings Ridgecrest Village to a total of 401 apartment homes, but also revitalizes the entire community with the construction of a new pool, the addition of a new clubhouse with a fitness center, a reconfiguration of the site and expansion of on-site parking and new streetscape.

The revitalization of the area and repositioning of Ridgecrest Village began last year when 48 units were initially added, followed by 12 units at 15 Mann Street which were recently completed. Demand for the apartment homes was very high, and 70% of the units were leased before the buildings were completed. This year, two more units will be added.

In 2012, Chestnut Hill Realty also invested in a series of beautifying streetscape and neighborhood landscaping projects along a large stretch of Washington Street as well as in front of the Grove St. Cemetery in conjunction with the expansion project.

“We are very pleased with how these multiple projects turned out and became assets to our apartment community and the neighborhood at large,” said Marc Levin, director of development for Chestnut Hill Realty. “The new units, new pool and pool house as well as extensive site work have really uplifted these properties. The area along Washington Street, once a desolate stretch, now has a beautiful streetscape that is visually appealing while integrating the school, a park and the firehouse into the residential neighborhood."

In addition to site improvements, new lighting and new landscape, Chestnut Hill Realty is about to knock down an unused, dilapidated building. In its place, a beautiful two-family house will be built along with parking in the rear. This will complete the final phase of the project.

Chestnut Hill Realty acquired Ridgecrest Village in two phases in 1981 and 2003, and has since then invested millions of dollars in infrastructure, landscaping and unit improvements. In all, Chestnut Hill Realty owns and operates about 700 apartment units in West Roxbury.

“We continue to believe in and invest in West Roxbury, an amazing place to live," said Edward Zuker, founder and chief executive officer of Chestnut Hill Realty. "Conveniently located in Boston’s southwest corner, West Roxbury has the best of all worlds for apartment residents, offering both proximity to downtown Boston and more affordable rents than most comparable communities in other Boston neighborhoods."

The new apartment buildings at Ridgecrest Village feature a mix of one- and two-bedroom units, an elevator, ample parking, easy access to public transportation and several unique design elements created by Gary Lowe, principal of Lowe Associates Architects of Chestnut Hill.

The 48-unit building features Lowe Associates' innovative "six-by-six" design that creates 12 end units on each floor through the use of a dumbbell-shaped configuration. The building is narrow in the middle and flares out wider at the ends. The wide ends of the building are divided along diagonal lines, which allow for spacious floor plans. In addition, the roofline of the three-story building appears to come down to the level of the second-floor units, keeping the building in scale with the existing 2.5-floor buildings at Ridgecrest that surround it. The 12-unit building offers contemporary open concept floor plans and modern amenities.

About Chestnut Hill Realty:
Chestnut Hill Realty is one of New England’s leading residential real estate companies, specializing in multifamily housing. Established in 1969, CHR owns and manages more than 4,500 units in 27 apartment home communities in Greater Boston and Rhode Island. To learn more about CHR and its properties, please visit www.chestnuthillrealty.com.