Upscale 243-Unit Apartment Community in Canton, MA Acquired

FOR IMMEDIATE RELEASE
Contact: Cathie Morat
(617) 323-8800
cmorat@chestnuthillrealty.com

Chestnut Hill Realty Affiliate Acquires Upscale 243-Unit Apartment Community in Canton, MA

CANTON, MA – 12 April 2007 – Waterfall Hills, an affiliate of Chestnut Hill Realty (CHR), one of New England’s leading full-service real estate companies focused on multifamily residential properties, today announced the acquisition of a 243-unit, 20 building apartment community in Canton, MA. The project, formerly known as Archstone Canton, was purchased for $55 million and renamed Waterfall Hills at Canton. Financing was provided by Capmark Finance, Inc.

Located on 40 wooded acres at 367 Bolivar Street, Waterfall Hills at Canton is currently 96 percent occupied. The pet-friendly community is minutes from Canton town center and a variety of retail, restaurants and convenience services and one mile from the commuter rail servicing Downtown Boston. Comprising spacious one and two bedroom floor plans, Waterfall Hills at Canton also offers amenities such as a fitness center, walking/jogging paths, swimming pool, tennis court, dog park and picnic areas. The new name reflects the water feature and elevation of the site.

“Waterfall Hills at Canton is a wonderful addition to our growing portfolio of quality apartment residences in the Southeast corridor, and fits in perfectly with our acquisition strategy,” said Peter Poras, President, CHR Investments.

Edward Zuker, Founder and Chief Executive Officer, adds, “We are committed to growth, and have recently established a new division to focus on residential housing acquisitions and development activities in key markets throughout eastern Massachusetts. Waterfall Hills is an attractive, well-located and amenity-rich property that will enhance Chestnut Hill Realty’s presence and reputation in the marketplace.”

On-site property management will be provided by property manager Francine Dube-Vehr and assistant property manager Brooke Heitmann.

Chestnut Hill Realty, founded in 1969, owns and manages more than 3,500 residential rental units in the Greater Boston area and Rhode Island. Other service offerings include corporate housing, home sales, property management, commercial leasing and development. Corporate offices are located at 300 Independence Drive, Chestnut Hill, MA 02467. For more information about Chestnut Hill Realty, visit www.chestnuthillrealty.com.

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