A housing developer paid $14.88 million Monday to buy a 23.5 acre parcel in Marlborough where it plans to build 350 apartments.
AvalonBay Communities Inc. purchased part of the former Hewlett Packard property from Atlantic Management, according to deed records. Atlantic plans to develop office space, a hotel, restaurants and retail establishments on the remainder of the site.
Quest Diagnostics will also occupy 200,000 square feet of space on the property beginning next year. Â
AvalonBay will have a mix of one- and two-bedroom units spread out across a number of buildings. Construction is slated to begin around December, according to the developers, and expected to last a little less than three years.
Marlborough’s city council unanimously approved permits for the apartment complex in September.
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