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

Chestnut Hill Realty Affiliate Acquires 399-Unit Apartment Community in Plainville, MA

PLAINVILLE, MA – 26 October 2007 – Village Green, 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 399-unit, 12-building apartment community in Plainville, MA. The project, formerly known as Colonial Village, was purchased for $41 million and renamed Village Green.

Located on 23 acres at 71 Messenger Street, Village Green is fully occupied. The apartment community is located just 25 miles from Providence and 35 miles from Boston, at the crossroads of Interstates 95, 495, and Route 1. Within a six-mile radius of the property is the MBTA commuter rail station, a wide range of retail, including Wrentham Village Premium Outlets, restaurants, sports, and entertainment options such as Gillette Stadium and convenience services. Comprising studio, one and two bedroom floor plans, Village Green also offers amenities such as a fitness center, clubhouse, business center, tennis court and swimming pool.

“From a strategic perspective, the location of Village Green is ideal. It is situated on the Route 95 corridor between Boston and Providence. This property compliments our apartment offerings in this expanding market.” says Peter Poras, President, CHR Investments. Poras remarks, “This acquisition went flawlessly, thanks to the professionalism of Carmen Monks and his team at Citi Private Bank. We couldn’t have asked for a more talented and dedicated group to work on this transaction.”

Edward Zuker, Founder and Chief Executive Officer, adds, “We immediately recognized the potential of this property. It has all the fundamentals we look for in an apartment community, and more. The garden-style buildings, open grounds, and amenities along with planned improvements, make Village Green an attractive option for apartment seekers looking to live and work in the 95 and 495 corridor in Norfolk County. We are working to create an environment which will greatly enhance the lifestyle and enjoyment of our residents.”

On-site property management at Village Green will be provided by property manager Paula Jacobs and assistant property manager Kathryn Barnes.

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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