FOR SALE THE CHESTNUT HILL 219 COMMONWEALTH AVENUE CHESTNUT HILL (NEWTON), MA 02467

Fully Renovated 28-Unit Building Next to Boston College

INVESTMENT HIGHLIGHTS

++ RARE CHESTNUT HILL INVESTMENT OPPORTUNITY Located on a scenic, tree-lined residential street, The Chestnut Hill is just steps from Boston College upscale shops, restaurants and public transportation. In a neighborhood primarily made up of single- family homes and condominiums, the building is one of only five rental buildings with 10+ units throughout all of Chestnut Hill. With an average household income of $205,000, this affluent neighborhood has one of the highest barriers to entry in all of Metro Boston (average housing value of $1.1 million).

++ FULLY RENOVATED, STABILIZED & 100% MARKET-RATE The Chestnut Hill offers timeless character with hardwood floors and crown molding throughout, new high-end unit finishes, air conditioning and off-street parking. Located on a corner lot, the Tudor-style building’s windows on all four sides provide an abundance of natural light and views overlooking the reservoir. This 28-unit, market-rate residential building just went through a $4 million renovation with first move-ins in August 2019.

++ OUTSTANDING PROXIMITY TO BOSTON COLLEGE, MBTA TRAIN & AMENITIES This gem of a location is just a five-minute walk to Boston College and MBTA Green Line Train service, which connects residents to all points throughout Boston and Cambridge. Boston College employs over 4,000 people and is home to 14,000 students, including nearly 5,000 graduate students. The school is consistently ranked among the top higher education institutions in the country, ranking #5 in education and accounting, #14 in nursing, #16 in business and #25 in communications. - Rankings by Niche

Capital Markets | Multifamily FOR SALE THE CHESTNUT HILL

OFFERING SUMMARY

CBRE Capital Markets has been exclusively retained to sell “The Chestnut Hill” at 219 Commonwealth Avenue, a newly renovated, 100% market-rate apartment building next to Boston College in Chestnut Hill, MA.

The Chestnut Hill offers a generational investment opportunity in one of the most historic and affluent neighborhoods throughout Greater Boston. As a fully renovated and stabilized building, The Chestnut Hill provides an opportunity to step into an investment with no additional capital needs and what is a stable, predictable cashflow. Originally constructed in 1899, this historic building underwent a complete gut renovation between 2018 and 2019 totaling over $4 million. Upgrades and renovations included a new heating system, roof, window weatherization and hardware, sprinkler system, plumbing, electrical and unit finishes.

The immediate rental market has historically maintained 98-100% occupancy levels and has seen steady rent growth even during the economic downturns thanks to the stabilizing effect of Boston College. Boston College only guarantees undergraduate on- campus housing for three years given their lack of student housing, with no on-campus graduate housing offered. Before adding the required meal plans, the available on-campus suites and apartments with kitchens and bathrooms total between $4,900 and $8,300 per month with forced double or triple occupancy per bedroom. Traditional double and triple room rates (without private kitchen or bathroom) range between $2,300 to $3,400 per month before the cost of required meal plans. Notably 80% of residents have an affiliation with Boston College.

Unit Type # of Beds # of Units Avg. SF Total SF Studio, 1 Bath 2 2 309 618

1 Bed, 1 Bath 17 17 574 9,766

2 Bed, 1 Bath 18 9 875 7,878

Total/Average 37 28 652 18,262

WE ARE OFFERING THIS PROPERTY FOR SALE WITHOUT AN ASKING PRICE, AND WILL BE CONDUCTING TOURS OVER THE COMING WEEKS WITH A CALL-FOR-OFFERS TO FOLLOW SHORTLY THEREAFTER. ALL TOURS MUST BE ESCORTED BY CBRE AND SCHEDULED IN ADVANCE. 219 COMMONWEALTH AVENUE Newton, MA 02467

LOCATION OVERVIEW

ABUNDANCE OF NEARBY RETAIL & LIFESTYLE AMENITIES

Residents are also within ten minutes of lifestyle retail and recreational amenities; including Whole Foods, Boston Landing (Stop & Shop, New Balance World Headquarters, Bruins’ & Celtics’ practice facilities: Warrior Ice Arena, The Auerbach Center), St. Elizabeth’s Medical Center, Newton Centre (Starbucks and over 20 dining options), Chestnut Hill Square (Wegmans, Starbucks, Equinox, Beth Israel and Brigham & Women’s offices), The Street Chestnut Hill (Star Market, Shake Shack, Showcase Cinemas), and Shops at Chestnut Hill (Bloomingdale’s, Apple, Cheesecake Factory), as well as Newton Commonwealth Golf Course, Chestnut Hill Reservoir, Webster Conservation Area and Hammond Pond Reservation. FOR SALE 219 COMMONWEALTH AVENUE THE CHESTNUT HILL Newton, MA 02467

Longwood Medical Area N Logan International Airport DOWNTOWN 1 CAMBRIDGE BACK BAY

BROOKLINE

Reservoir

BRIGHTON

Cleveland Circle BOSTON LANDING Practice Facilities Chestnut Hill Ave

PROTEOSTASIS South St Chestnut Hill Reservoir THERAPEUTICS Mass Innovation Labs

Boston College

Commonwealth Ave Newton Commonwealth Golf Course THE CHESTNUT HILL

CHESTNUT HILL

Waban Hill Reservoir

CONTACT US

SIMON BUTLER BIRIA ST. JOHN JOHN MCLAUGHLIN JOHN KELLY DEBT & EQUITY Vice Chairman Vice Chairman First Vice President Executive Vice President 617.912.6923 617.912.6924 617.912.6926 617.912.70 82 [email protected] [email protected] [email protected] [email protected]

© 2019 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited.

Capital Markets | Multifamily