Photo by Steve Adams | Banker & Tradesman Staff
A luxury high-rise in Boston’s Theater District developed by AvalonBay Communities sold to a San Francisco investor for $212 million and has been rebranded as “Luka on the Common.”
Carmel Partners earlier this year also acquired an ownership interest in another Boston residential high-rise, the Sudbury at Bulfinch Crossing, for $43 million.
Its latest deal is for the Ava Theater District tower, a 30-story building containing 398 apartments and three outdoor terraces at 45 Stuart St. The complex was completed in 2015 by AvalonBay Communities as part of its Ava brand of urban properties featuring open-concept apartment layouts.
The purchase price works out to over $532,663 per unit.
The complex is listing studios starting at $3,045 and now operating under the “Luka on the Common” brand name, according to its web site.
AvalonBay Communities reached agreements to sell three of the Ava-format properties in the U.S., executives said in an April conference call to discuss the multifamily REIT’s first-quarter financial report.
AvalonBay Communities has one current development in Massachusetts, the 162-unit Kanso Milford complex at 17 Birch St. which is scheduled for completion this fall. The complex lists 1-bedroom units starting at $2,340.
