Sold for $84.5 Million: Two Framingham Apartment Complexes
A real estate firm purchased two Framingham apartment complexes on Route 9 and plans to rename them.
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 …
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Karl Rookey
11:19 am on Tuesday, December 11, 2012
A $30 Million difference in assessed value and sale value seems strange to me. If this is typical of commercial real estate in town, I think Framingham would be better served to have a lower commercial tax rate and more accurate property valuations - which might result in very similar taxes but would remove the problem that Framingham's published tax rates are among the highest in the state. more ›