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 AvalonBay, which is a real estate investment trust with properties in the Northeast, Mid-Atlantic, Midwest, Pacific Northwest, and California. It also owns complexes in Acton, Marlborough, Northborough and Shrewsbury. Rent at the complex ranges from $1,300 per month for a one-bedroom to $1,940 for a three-bedroom.
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