251-unit apartment complex sells for $60.5M
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The apartment complex has a number of housing options and is located near Route 9.
The Avalon Shrewsbury apartment complex has sold for $60.5 million to an affiliate of Boston-based Audubon Capital Partners.
The sale that took place on Sept. 16 was handled by CBRE/NE for then-owners AvalonBay Communities, Inc. that owns numerous other apartment communities throughout Massachusetts.
Avalon Shrewsbury was built in 2006 and is made up of eight three to four story buildings, one two-story garden style building, five three-story townhouse buildings, two two-story townhouse buildings and one clubhouse building. The unit mix is comprised of 251 units in a variety of one-bedroom, two-bedroom and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 square feet, according to CBRE/NE.
Avalon Shrewsbury is located on Route 20, less than a quarter mile from the intersection of Route 9 and Northborough Crossing, a retail center anchored by Wegmans.
Audubon Capital Partners is a private equity real estate firm focused on investment opportunities in select markets across the United States.
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