AvalonBay Communities has closed on the purchase of the former Hilltop Steak House in Saugus, MA for $17.25 million. The now shuttered restaurant operated at the site, 855 Broadway, for over 45 years and was once the America’s largest restaurant, both in number of customers served and sales volume. AvalonBay has plans to develop 280 unit luxury rental apartment community along with 25,000 square feet of retail. Ten percent of the apartments will be designated as affordable and will be made available to households earning at most 80 percent of the area’s median income. CBRE/NE multifamily experts Simon Butler and Biria St. John as well as retail specialist Rob Robledo exclusively represented the seller, High Country Investors. “We are pleased to have facilitated this transaction on behalf of High Country Investors as this site is a landmark site that is about to enter its next chapter as a dynamic mixed-use development,” said CBRE/NE’s St. John.
