Virginia apartment developer sells Marlborough community for $44M
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The Avalon Orchards apartments in Marlborough
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.
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When I moved in to Avalon Orchards apartments in May of 2002, the property was still under construction. The grounds were manicured beautifully. The pool was to open in a few weeks. And, most of all, the entire staff were terrific. From the regional director, property manager, leasing agent, to the office staff, and including the maintenance team, they were always professional and eager to please. I miss their warm welcoming nature. They sold to National Development. They were wonderful as well. However, ND sold the property to Cushman&Wakefield just a few years later. I have lived in the same apartment for more than 20 years, and this is the first time I have felt like a stranger in a strange land.
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