Marlborough apartments sells for $59.2M
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Orchards Apartments in Marlborough was constructed in 2002 and includes 156 units.
Orchards Apartments, a 156-unit luxury apartment complex in Marlborough, sold for $59.2 million in a deal closed Friday, according to the Middlesex South District Registry of Deeds.
The apartments, located at 3 Farmhouse Lane, total almost 180,000 square feet and include 300 parking spaces, according to real estate database CoStar.
An entity registered to executives of Nuveen Real Estate, one of the largest real estate investment managers in the world, bought the property. Nuveen, which is based in New York City, has $142 billion in assets under its management and employs more than 600 employees around the world, according to its website.
The seller in Thursday’s deal was an entity registered to the address of National Development, a real estate investment and development firm based in Newton Lower Falls.
The apartment complex was built as Avalon Orchards in 2002 and National Development bought it in 2019 for $44.25 million. It is assessed at $38.58 million by the City of Marlborough.
Orchards Apartments is the second apartment complex sold in Marlborough within the past month. In April, The Point, which has about 50 more units than Orchards, sold for $101 million.
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