AvalonBay Communities Inc. has listed its 472-unit Avalon Blue Hills apartment complex in suburban Boston for sale, Real Estate Alert reported.
The 96%-occupied property in Randolph, Mass., could draw bids of about $130 million, reflecting an initial annual yield of just under 5% for the prospective buyer, the news outlet noted.
The multifamily real estate investment trust, which is being represented by JLL on the planned sale, is pitching the rental property as a core-plus play, according to the report.
