"Finding well located apartment sites in Massachusetts is like finding a needle in a haystack," says Pope of the purchase. "[We] believe the Methuen location at the crossroads of I-495 and 93, as well as the site's close proximity to 'the Loop' will ensure the projects success in attracting residents seeking an active lifestyle and quick access to Greater Boston's job markets."

The 12-building, garden-style Summit Place apartment complex will consist of a mix of one- and two-bedroom units with an average size of 996 sf, with rents still to be determined. The facility will feature a swimming pool, clubhouse, workout/cardio rooms, a business center and a leasing office. It is located "about a minute and a half" from the Loop, according to Pope, a 480,000-sf shopping and entertainment center with Loews Theatres, Home Depot and Stop & Shop as tenants, as well as a variety of specialty shops and restaurants.

The property is being developed under Chapter 40B, which stipulates that 25% of the units must be designated as affordable (80% of the median rent for the town), and City of Methuen employees will be given weighted consideration. Dolben will also donate 10-acres of the 40-acre site to the Methuen Conservation Commission.

The Dolben Co. owns and operates about 30 apartment and condominium communities totaling over 8,000 units, primarily in Massachusetts and Maryland. Last year they completed the 142-unit Kensington at Chelmsford (MA) apartment community, and is currently developing the 101-unit 100 Memorial Drive condominium complex in Cambridge, MA.

The sale of the Methuen site appears to be consistent with Archstone-Smith's strategy of focusing more on urban areas with their Bay State investments. The apartment company is currently developing Essex Place, a 28-story, 420-unit apartment building in Boston's Chinatown and sold the 164-unit Spicket Commons in Methuen about six months ago. They also sold Archstone Tewksbury and Archstone Charles Daniels in Malden in the last couple of years, and are rumored to be peddling Archstone Park Place, also in Malden, according to sources. Calls to their office were not returned by deadline.

"Recently they've been selling quite a few of their suburban assets," says one source. "Based on sales, logically I think they're trying to move more into the core submarkets, your Burlingtons and Walthams." Added another, "they'll do some [some] suburban garden-style, but their focus is going to be [Route] 128 and in."