A partnership sponsored by Archstone purchased Station 250, a 285-unit, class-A apartment community in Dedham, Ma., from BVT for $94.25 million.
Station 250 is located 12 miles south of Boston. It’s part of a residential fund, USA BVT Residential 4. Fairfield Residential Company developed the property in 2006, with BVT serving as the financial partner.
“We are pleased with the return we delivered to our investors,” said Michael Sauer, senior vice president of development with BVT Real Estate Development. “Our hold time was double (six years) the original plan due to the financial crisis. However, our focus on long-term objectives proved lucrative.”