Chestnut Hill Realty spent $84.5 million for two apartment communities on Route 9 in Framingham.

Chestnut Hill Realty, based in Brookline, which purchased the apartment complexes known as Grandview Terrace and Grandview Village plans to re-brand them under the name Water View Apartments at Framingham, reported the Boston Business Journal.

The purchase came about via $37 million in financing from People’s United Bank and a $27 million loan from Fannie Mae to Chestnut Hill Realty, reported the BBJ.

The two apartment communities, with 581 total units, are located within a half-mile of each other on Route 9 and were constructed between 1968 and 1973.

The two properties were assessed at $58.231 million, according to the Framingham Assessor's office.

• 1400 Worcester Rd., known as Grandview Terrace, is assessed at $29.685 million, according to the Framingham Assessor's online database. It was last sold at $44 million in August 2009.
• 1296 Worcester Rd., known as Grandview Village, is assessed at $28.546 million, according to the Framingham Assessor's online database. It was last sold at $44.88 million in August 2009.

“The location of the properties is a major positive,” said Steve Gladstone, the firm’s director of acquisitions, in a statement to the Boston Herald. “In addition to the accessibility to major roads, the area offers strong demographics, a large and growing job market, and an abundance of local entertainment, shopping and restaurant amenities. The MetroWest is one of the area’s strongest submarkets.”

Grandview Terrace, which will now be called Water View Terrace, consists of two six-story apartment buildings containing 300 units, including a mix of studio, one- and two-bedroom units with an average size of 944 square feet, reported the BBJ.

Grandview Village, which will now be called Water View Village, consists of four six-story buildings and also features a mix of studio, one- and two-bedroom units. The 281 apartments have an average size of 878 square feet.

“There was a lot of deferred maintenance and so there is plenty of opportunity to put money back into the properties, create value and improve quality of life for residents,” said Bobby Zuker, the firm’s chief operating officer to the Boston Herald.

The seller was an affiliate of Guardian Life Insurance Co. in New York, according to real estate records.