Scott Dragos - Commercial Real Estate Showcase

Scott Dragos Property Listings
Colliers International
160 Federal St
Suite 11th F
Boston, MA 02110-1700
(617) 330-8000
(617) 330-8130


DetailMap
28 Chestnut Street - Chestnut Green Apartments

Foxborough, MA 02035-1449 - Outer Route 1 South MF Submarket


Property Type:Multi-Family Number of Units:55 Status:Existing Year Built:2009
Stories:2 Building Size:90,000 SF Land Area:18.23 AC (794,099 SF)
For Sale Price:For Sale Price/Unit:- Cap Rate:- GRM:-

Portfolio:This property is for sale as part of a portfolio of 8 properties.
Parking:1.67 Parking Spaces / 1,000 SF


Abrams Properties, Inc., a real estate investment and development company specializing in historic redevelopment, and Vinco Properties, announce the start of construction on 55 apartment units at the Chestnut Green development in Foxborough. The Apartments at Chestnut Green are being redeveloped in the historic buildings of the former Foxborough State Hospital, a collection of Gothic, brick structures with stunning architectural features topped by striking cupolas. The apartments are slated for completion in June 2009.
“We are very excited to bring this wonderful property back to life as a boutique apartment building.” states Matthew Abrams, Principal of Abrams Properties, “There really is no other mixed use project like Chestnut Green. Tenants can live in the apartments, work in the offices, walk to the supermarket, day care, and play in over 40 acres of recreational fields.”
The existing structures are being restored to their original grandeur in accordance with The National Park Service Historic Guidelines. The rehabilitation includes a complete restoration of the windows, exterior trim, slate roofs, and repointing of the brick. On the interior, The Apartments at Chestnut Green will feature condominium quality finishes, such as granite countertops, stainless steel appliances, washer and dryer hookups, walk-in closets and tile baths. The property amenities include a fitness center, media room, billiards room, roof deck and onsite storage.
(more)
As part of the Chestnut Green development, a new retail shopping plaza is being constructed adjacent to the apartments. The retail tenants include an Irish pub, a restaurant, a dry cleaner, a hair salon, a Mailboxes, Etc., a design center, a bank and Walgreens.
“The existing buildings at Chestnut Green have many unique qualities that allow us to create remarkable space.” continued Abrams, “Several of the apartments feature bi-level loft spaces with dramatic 20’ ceilings.
Market rents at The Apartments at Chestnut Green will range from $1,200 to $2,500 per month with 14 affordable units priced for tenants earning 80% of area median income. The apartments will include a mix of one and two bedroom units and two bedroom plus den or loft units ranging in size from 780 SF to 2,800 SF.
VinCO Properties iNC & Abrams Properties received $10m in financing. Loan arranged by Holliday Fenoglio Fowler LP through Wells Frago.

Sale Notes:
Available alone or as portfolio
Colliers International has been exclusively retained to sell Chestnut Green (the “Portfolio”), a three-building campus portfolio in Foxborough, MA. Located 30 miles South of Boston, set amongst beautifully restored Queen Anne Victorian architecture, Chestnut Green is a mixed-use community featuring 100,000 SF of Class A office space, 40,000 SF of open air retail shops, and 55 Class A apartment units adjacent to 40 acres of town-owned playing fields and walking trails
The Portfolio, developed in 2008, contains two full-service restaurants, a bank with drive through ATM, dry cleaner, pizza shop, nail salon and yoga studio. The campus is also a short walk to Stop and Shop, and Walgreens.
Chestnut Green is situated just one mile from Gillette Stadium, home of the New England Patriots and New England Revolution. The attraction of two major sports teams has led to large scale development around the stadium as patrons now enjoy high-end dining and retail options including Davio’s Northern Italian Steak House, Skip Jack’s, Bar Louie, Bed Bath & Beyond, Showcase Cinema’s, Trader Joe’s, and Bass Pro Shops.
Additionally the Campus is two miles from the Route 1 and Interstate 95 interchange making Chestnut Green one of the most accessible complexes from Greater Boston and Providence, RI.
Chestnut Green is being offered for sale as a Portfolio, or as individual assets, with no formal asking price and free and clear of debt.

Colliers International
Jonathan Bryant
(617) 330-8000

Maggie Collins
(617) 330-8000

Scott Dragos
(617) 330-8000

Daniel Hines
(617) 330-8083

Tim Mulhall
(617) 330-8066

Christopher Sower
(617) 330-8000

Tony Hayes
(617) 330-8058

Douglas Jacoby
(617) 330-8000

Jennifer R Price
(617) 330-8000




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