Westborough Apartment Complex Sold
A Westborough complex known as Avalon at Flanders Hill has been purchased by Dallas-based Invesco Real Estate on behalf of one of its pension fund clients.
Invesco did not disclose the purchase price in a press release announcing the deal, but according to Massachusetts Land Records, Invesco paid AvalonBay Communities Inc. of Alexandria, Va., $40,875,000 for the property. The pension fund noted in the Land Records is the teachers' retirement system for the State of Illinois.
The complex, located at 1 Homestead Blvd. at the intersection of the Massachusetts Turnpike and Interstate 495, includes 280 one- to three-bedroom units.
Cushman & Wakefield represented the seller.
Rent at the complex ranges from $1,300 per month for a one-bedroom to $1,940 for a three-bedroom, according to the complex's web site.
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