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AvalonBay Acquires Hilltop Steak House Property

Jun 9, 2017 | Reprints | Unlock Link

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Multifamily developer AvalonBay Communities has acquired the former Hilltop Steak House property in Saugus for $17.25 million.

The property at 855 Broadway (Route 1) is permitted for a 280-unit apartment complex in four buildings and 25,000 square feet of proposed retail. Outdoor amenities will include a landscaped courtyard, pool, fireplaces, grills, a dog park and clubhouse with fitness center.

CBRE/NE’s Simon Butler and Biria St. John and retail specialist Rob Robledo represented the seller, High Country Investors, and procured the buyer.

The complex will set aside 10 percent of units as affordable for households earning a maximum of 80 percent of the area median income.

B&T Daily