DEDHAM, MA-Fairfield Dedham LP, a subsidiary of Atlanta-based BVT Equity Holdings Inc., has closed the sale of Station 250, a 285-unit class A, transit-oriented apartment community just outside Boston to an Archstone-sponsored partnership for $94.25 million, GlobeSt.com has learned exclusively. The news builds upon a previous announcement over the summer that Archstone would be acquiring the asset and renaming it as Legacy Place.

Michael Sauer, senior vice president of development at BVT Real Estate Development, tells GlobeSt.com that competition was “intense” for the property, noting that 15 bidders threw their hats in the ring for the asset. “But they [Archstone] came in very high,” he says. “It was a very smooth and clear and smooth transaction with them.”

The acquisition news broke shortly after Archstone filed a $100-million IPO by Lehman Brothers Holdings, which outlined that acquiring class A multifamily in gateway cities was a core part of the company’s growth plan. As GlobeSt.com previously reported, the building is across from the Legacy Place lifestyle center, which includes high-end retailers like Apple, Whole Foods Market and Showcase Cinema de Lux. It is also adjacent to the Dedham Corporate Center MBTA station, which offers commuter rail service to downtown Boston.