280-unit and ±25,000 SF mixed-use development site sold
CBRE/New England today announced the sale of the Hilltop Steak House site on Route 1 in Saugus, MA for $17,250,000. The site, which was home to the Hilltop Steak House for almost 45 years, will be developed into a 280-unit luxury rental apartment community with ±25,000 SF of retail out front.
CBRE/NE multifamily experts Simon Butler and Biria St. John as well as retail specialist Rob Robledo exclusively represented the seller, High Country Investors, and procured the buyer, AvalonBay Communities, Inc.
“We are pleased to have facilitated this transaction on behalf of High Country Investors as this site is a landmark site that is about to enter its next chapter as a dynamic mixed-use development,” said CBRE/NE's St. John.
The proposed retail space will provide a focal point and attraction at the front entrance to the development with four-story residential buildings towards the back of the site. The apartment homes will feature all the qualities being offered in luxury apartments today, including granite countertops and stainless steel appliances. Outdoor amenities will include a landscaped courtyard, pool, fireplaces, grills, a dog park and the clubhouse will feature a fitness facility that will rival area health clubs.
10% of the apartments will be designated as affordable and made available to households earning up to 80% of the area's median income.
About AvalonBay Communities, Inc.
As of March 31, 2017, the Company owned or held a direct or indirect ownership interest in 284 apartment communities containing 82,533 apartment homes in 10 states and the District of Columbia, of which 24 communities were under construction and nine communities were under reconstruction. The Company is an equity REIT in the business of developing, redeveloping, acquiring, and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, the Pacific Northwest, and the Northern and Southern California regions of the United States. More information may be found on the Company's website at http://www.avalonbay.com.
CB Richard Ellis – N.E. Partners, LP, a joint venture with CBRE Group, Inc. has offices in Massachusetts, Connecticut, Rhode Island, Maine and New Hampshire. Please visit our website at www.cbre-ne.com. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world's largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.