AvalonBay acquires former Hilltop Steakhouse property in Saugus for $17.25 million following mixed-use development approval

AvalonBay Communities has acquired the 14-acre former Hilltop Steakhouse site on Route 1 in Saugus, on which the company recently received approval to construct a 280-unit luxury rental apartment community with 24,000 square feet of retail, for $17.25 million. The sale amounts to $1,232,142.86 per acre. AvalonBay will start construction of the mixed-use development, dubbed Avalon at Hilltop, by the end of this year; the development will take approximately two years to complete.

Avalon at Hilltop was unanimously approved by the Saugus Planning Board in April. Apartments at Avalon at Hilltop will feature luxurious finishes including stainless steel appliances throughout, granite countertops and large windows. Resident amenities will include a freshly landscaped courtyard, a pool, multiple fireplaces, a top-notch fitness space, grills and a dog park. Retail at Avalon at Hilltop will be developed in partnership with Crosspoint Associates. AvalonBay is the owner of over 285 apartment communities and 82,000 apartment homes across 10 states.

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