The 156-unit Avalon Orchards apartment complex in Marlborough has been sold to a Newton property investment firm for $44.3 million.
The affordable apartment complex with a mix of one and two-bedroom units was built in 2002 and features 13 residential buildings and a clubhouse on nearly 23 acres of land off of Route 20.
Charles River Realty Investors, based in Newtown, closed on the purchase Monday, according to Middlesex South Registry of Deeds records.
Selling the property was AvalonBay Communities, a Virginia developer building another 123 apartment homes in Marlborough adjacent to another of the company’s 350-unit developments off of I-495.
The publicly traded AvalonBay Communities could not be reached for comment.
