40-Unit Apartment Property in Cambridge, MA Acquired

Contact: Cathie Morat
(617) 323-8800

Chestnut Hill Realty Affiliate Acquires 40-Unit Apartment Property in Cambridge, MA

CAMBRIDGE, MA – 31 May 2006 – Brattle Arms, 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 40-unit, seven story apartment building in Cambridge, MA. The building, located at 60 Brattle Street, was purchased for $10.8 million. Financing was provided by Citibank..

The property, located just steps from Harvard yard and located in the heart of Harvard Square, is comprised of 26 one bedroom, one bath units and 13 two bedroom, one bath units. In addition to the residential component, there is approximately 1,000 square feet of retail space on the ground floor.

In addition to Brattle Arms, Chestnut Hill Realty owns and manages three additional apartment complexes in the Cambridge area, including John Harvard Apartments, Chauncy Court and Wendell Terrace.

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.

# # #