Richard Robinson, with Apartment Realty Advisors' Burlington, MA office, tells GlobeSt.com that the buyer plans to build 380 residential apartments and 60 age-restricted condominiums in the spring. Avalon bought the site, known as the Woodlands at Laurel Hill, from Omni Properties. The parcel is located in Nagog Park on the Acton and Westford border.
Robinson, the deal's sole broker, says the project will be the first time that Avalon Bay has combined apartments with age-restricted housing. The developer is developing complexes in Woburn, Danvers, Shrewsbury, Lexington, Hingham and Chestnut Hill, MA. It's also planning a residential community on the Andover and Tewksbury line.
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