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Report: AvalonBay Communities' suburban Boston apartment complex up for grabs

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.